Opposing the Union government filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to sell 5% of its stake in Life Insurance Corporation of India (LIC), Tamil Nadu Chief Minister M.K. Stalin said on Monday that it was undoubtedly a step towards privatisation.
In a series of social media posts, he said, “LIC over the years has catered to the needs of crores of Indians, earned their trust and has provided social security with its efficient functioning. The Union Govt’s act of filing DRHP with SEBI to sell 5% of its stakes is undoubtedly a move towards privatisation and quite undesirable.”
Contending that the decision was in the interests of neither the people nor the organisation, Mr. Stalin said, “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.”
