CHENNAI: Tamil Nadu chief minister MK Stalin criticised the Union government for its decision to sell the stakes of LIC and demanded that it should take back the “ill-thought” move.
The CM took to Twitter and said that LIC has catered to the needs of crores of people over the years and earned their trust, and provided social security through its efficient functioning.
The Union government’s act of filing Draft Red Herring Prospectus with Draft Red Herring with Securities and Exchange Board of India (SEBI) to sell 5% of its stakes is “undoubtedly a move towards privatisation and quite undesirable”, he said in a post.
“It goes without saying that this is neither in the interests of our people nor the organisation.
An ideal government shall build institutions instead of involving itself in a selling spree. I urge the Union Govt to roll-back this ill-thought-out decision and save @LICIndiaForever,” he further said.
