Business IdeasBSNL workers to oppose disinvestment
Workers of telecom major Bharat Sanchar Nigam (BSNL) today said they would observe "Anti-Disinvestment Day" on July 22 against the government"s proposal to sell its shareholding in the company.
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The proposal (to disinvest) is in violation of the assurances given earlier by the Communications Minister and the government that BSNL would not be disinvested or privatised.
The call to protest comes a day before Telecom Minister A Raja"s announcement to hold a review meeting of the PSU in view of the drastic fall in its net profit to Rs 104 crore in 2008-09 compared to Rs 3,000 crore a year ago.
The minister is also likely to discuss the disinvestment plans with the top management tomorrow, sources said. The BSNL board has already approved the resolution towards this end.
"The plea of the management that IPO is necessary to mop up funds for development and expansion is far away from the truth, as the BSNL has more than Rs 37,000 crore slashed up in banks. It can be used for expansion instead of selling shares," V A N Namboodiri, Convenor, Joint Forum of BSNL Associations, said in a statement.
Joint Forum of BSNL Employees Association/Unions of Executives and Non-executives has said that they would sending telegrams to Prime Minister Manmohan SIngh and Telecom Minister demanding dropping IPO and disinvestment proposal, the statement said.
The BSNL board has approved resolution towards this end.