Referring to their earlier letters to Sitharaman, the Unions said: "Our arguments against the equity sale are not on any partisan interests but are based on the interests of the national economy and the Indian society."
"We had hoped that the government would give a serious look at our arguments and would give us an opportunity to present our case considering the fact that the employees are one of the most important stakeholders in the institution. We are disappointed that no such initiative came from your side," the Unions said.
According to them, LIC today is managing assets in excess of Rs.32 trillion.
"Since this expansion has taken place through funds collected from theApolicyholders, LIC has functioned more like a mutual benefit society. This is an important fact that has been overlooked while deciding to sell a portion of the stake in LIC," they said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.