LIC employees' union up in arms against IPO plan

Vartha Bharati | 03-02-2020 | 23:37:00 IST

Members of All India Insurance Employees Association stage a demonstration against govt’s decision to sell the partial stake in LIC

Mumbai: Employees' union of LIC has strongly opposed the government's plan to sell a part of its holding in the country's largest financial institution through a public issue.

"The government proposes to sell a part of its holding in LIC through an initial public offer," Finance Minister Nirmala Sitharaman said on Saturday while presenting the Budget for 2020-21.

Currently, the government fully owns LIC.

"LIC has always been the last resort for funding for other public sector entities. We strongly oppose the government's proposal to sell a portion of its holding in LIC," All-India Life Insurance Employees Federation General Secretary Rajesh Nimbalkar told PTI.

Further, he said the government's move is against the interest of the public because growth of LIC is the sheer outcome of the dedication and faith of policyholders and its agents.

Any dilution of the government's stake in LIC would shake faith of the policyholders in the institution.

Nimbalkar said though the government has not revealed the amount of stake it plan to sell, going by the past experience it seems a majority stake would be sold, resulting into LIC losing its public sector status.

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Maharashtra Cong chief Nana Patole scrapes through in Sakoli, wins by 208 votes

23-11-2024 ¦ 23-11-2024 IST

Maharashtra Congress president Nana Patole | PC: PTI

Mumbai, Nov 23: Maharashtra Congress president Nana Patole survived a scare from his nearest BJP rival in the Sakoli assembly constituency but managed to win the tight contest by a narrow margin of 208 votes.

Patole, the incumbent Congress MLA from Sakoli, polled 96,795 votes, while his challenger from BJP, Avinash Brahmankar, came tantalisingly close to bagging 96,587 votes.

Independent nominee Somadatta Karanjekar was a distant third, bagging 18,309 votes.

While Patole managed to save the face with the thin margin, the Congress unit led by him and the Maha Vikas Aghadi were routed by the BJP-led Mahayuti in the one-sided contest.