Tamil Nadu CM Stalin opposes LIC’s plan to sell 5% stake

Tamil Nadu Chief Minister M K Stalin on Monday opposed LIC's filing of Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India saying the move is undesirable and targeted the Centre for its 'selling spree.'

Chennai: Tamil Nadu Chief Minister M K Stalin on Monday opposed LIC's filing of Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India saying the move is undesirable and targeted the Centre for its 'selling spree.'

In a series of tweets, Stalin 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."

• 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. (1/3) pic.twitter.com/bctqaaY7CP

  — M.K.Stalin (@mkstalin) February 14, 2022 " class="align-text-top noRightClick twitterSection" data="

  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. (1/3) pic.twitter.com/bctqaaY7CP

  — M.K.Stalin (@mkstalin) February 14, 2022

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  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. (1/3) pic.twitter.com/bctqaaY7CP

  — M.K.Stalin (@mkstalin) February 14, 2022

"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 LIC India," he added.