Hyderabad sources reported that the two day nationwide protest by the All India IDBI Officers Association (AIIDBIOA) in protest against government’s nod for acquisition of IDBI by LIC began on Thursday. Meanwhile over 200 staff of IDBI staged a protest at main branch Abids.
Furthermore Mr. Vinod Kumar, a staffer said, “The GoI move to sell a significant portion of its stake in IDBI Bank Ltd, to Life Insurance Corporation of India where by the shareholding of the Government of India in IDBI Bank will fall below 51% and they strongly oppose any such move taken, against the solemn assurance given by the then BJP Government on the Floor of Parliament that the Government of India shall all times maintain its stake above 51% in IDBI Bank.”
Moreover the staff members of IDBI Bank across the
country are in unrest over government’s decision to reduce its stake below 51%
and “If this is allowed to happen, the service conditions of the employees of
the IDBI Bank would be changed, as it would be categorized as “Private Sector
Bank”, after this proposed stake sale. Further thousands of employee have
joined this bank after leaving other Public Sector Banks/Govt. Organizations
etc and they all are feeling embittered with this move of the government. They are strongly opposing the move of the
government, AIIDIBOA has decided to observe two days nationwide, that counts
Saudi Arabia auctions real estates of billionaire Maan al-Sanea Riyadh sources stated that Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to help repay billions of riyals due to creditors. Meanwhile sources familiar with the matter told Reuters, Sanea ranked by Forbes in 2007 as one of the world's
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