The United Forum of IDBI Officers and Employees will hold a two-day nationwide hunger strike on November 2 and 3. They oppose the proposed sale of IDBI Bank to Canada Inc. Leaders said, "We remain hopeful that the bank management and the Centre will intervene constructively to resolve the dispute."
The United Forum of IDBI Officers and Employees threatened to intensify agitation programmes with prolonged action, including indefinite strike without further notice, if demands are not met
The United Forum of IDBI Officers and Employees comprising All India IDBI Officers' Association and All India Industrial Development Bank Employees' Association have called for a two-day nationwide hunger strike on November 2 and 3 (Monday and Tuesday) to proposed sale of IDBI Bank to M/s 10955230 Canada Inc., (parent entity of Fairfax Financial Holdings).
The notice of strike signed by Devidas Tuljapurkar, Convenor, Vithal Koteswara Rao and Rathnakar Wankhade, Joint Convenors, of the United Front demanded the Centre buy a minimum 6 per cent shareholding of the bank either from LIC of India or from the share market to maintain minimum 51 per cent shareholding to honour assurances made in both floors of Parliament in December, 2003.
Seeks statutory assurance
The United Front also demanded a written statutory assurance safeguarding and implementation of existing service conditions, welfare measures, pension, and reservation policies. Further, it said it will defend the public sector character of employment of all workmen employees and officers working of the bank.
The strike will be observed across all branches and offices throughout the country, the United Front leaders said. The notice is being 'issued without prejudice to our rights to resort to further lawful industrial action, including demonstrations, dharnas, and other trade union activities,' the strike notice said.
Mulls longer action
"We remain hopeful that the bank management and the Centre will intervene constructively to resolve the dispute in the interest of employees, depositors, small borrowers and the nation. In case if the demands are not fulfilled, we may be forced to intensify future agitation programmes with prolonged strike action and may include indefinite strike call without any further notice," the notice added.
Earlier on Tuesday last, the Centre had announced 'strategic restructuring' of the bank by offering over 60 per cent shares with management control to Canada Inc. This is the biggest foreign direct investment in India till date, a Finance Ministry statement said.
The Cabinet Committee on Economic Affairs (CCEA) in its meeting held on October 14 "approved Canada Inc. (parent entity Fairfax Financial Holdings) as strategic buyer for this transaction for a purchase consideration of ₹52,878 crore for acquisition of 60.72 per cent stake in the bank, comprising 30.48 per cent equity shareholding held by the Centre and 30.24 cent equity shareholding held by the LIC," the statement added.