Chennai: The trade unions of the Neyveli Lignite Corporation will go on an indefinite strike on Wednesday. The indefinite strike has been called to protest the Centre's decision to disinvest a five per cent stake in the company. The All India Anna Dravida Munnetra Kazhagam (AIADMK) on Tuesday organised State-wide demonstrations, protesting against the Centre's move.
Coal Minister Sriprakash Jaiswal on Tuesday has asked the trade unions of the PSU firm not to go on strike against the proposed share sale in the company. The state-run company had last week said its recognised and registered unions have threatened to go on indefinite strike against the decision.
17 trade unions representing its 17,000 employees have already announced they would go on indefinite strike from the midnight of July three till the decision of disinvestment is withdrawn.
The Cabinet had last month cleared sale of 7.8 crore share, or 5 per cent of government's stake through an offer of sale in NLC to raise around Rs 466 crore at current prices. Jayalalithaa had asked the Centre to reconsider the decision to disinvest shares in NLC and wrote to Prime Minister Manmohan Singh saying such a move would lead to labour unrest and disruption of power supply from Neyveli.
SEBI has set a deadline of August 2013 for all listed central public sector units to have a minimum 10 per cent public shareholding. Jayalalithaa had suggested delisting of Neyveli Lignite or amending the Securities Contracts (Regulation) Rules, 1957, to make a special exemption for the company from the minimum public shareholding rule.
(With Additional Information From PTI)
Comments
0 comment