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.