Millennium Post

Decision to divest NLC stake taken under compulsion: Jaiswal

Amid trade unions' opposition to disinvestment in NLC, Coal Minister Sriprakash Jaiswal on Friday asked workers to let the company function without any hindrance, saying that the decision on share sale was taken under compulsion.

'We request the trade unions of Neyveli Lignite (NLC) to let the the company function without any hindrance. The decision to divest stake in the company was taken under compulsion (of Sebi guideline to make the company compliant with the minimum public shareholding norm),' Jaiswal told reporters here.

NLC had on Thursday said that its recognised and registered unions have threatened to go on indefinite strike against the government's decision to divest stake in the company. The development follows barely a week after the government gave nod to five per cent stake sale in NLC.
'The company has received an intimation letter from the recognised unions and few other registered unions communicating their intention to go on indefinite strike till the disinvestment proposal of NLC shares is withdrawn by Government of India,' the state-run company had said in a filing to BSE.

The Tamil-Nadu headquartered firm is facing stiff protests over the disinvestment decision and 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announced they would go on indefinite strike from the midnight of July three till the decision of disinvestment is withdrawn.
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