AIIEA to protest against LIC disinvestment

Chennai (IANS) Opposing the government's decision to list Life Insurance Corporation of India (LIC) through an initial public offering (IPO), the All India Insurance Employees' Association (AIIEA) will first go on one hour walk-out strike on February 3 or 4, a top union leader said on Saturday.

"We are opposed to the move. We will first go on one hour walk-out strike on February 3 or 4. After that we will plan our further course of action," AIIEA General Secretary Shrikant Mishra told IANS.

He said hat the process of listing LIC may not be easy as there are several procedures that have to be followed including the approval of the Parliament.

Mishra said the government was not able to attract any buyer for Air India and it has to show some blue chip disinvestment and hence, decided on LIC.

Employees of public sector general insurance companies will also show their support by holding demonstration outside their offices on that day.

"If listed and LIC turns into truly board managed than, the biggest cash cow may not be available for the government in its disinvestment process as it the case of listing of General Insurance Corporation of India, IDBI Bank and New India Assurance," an industry official told IANS preferring anonymity.

"The pensioners of LIC and the four public sector general insurers will also join the protest," J.Gurumurthy, vice President, All India Insurance Pensioners' Association told IANS.