IDBI Bank employees' forum opposes majority stake sale to Fairfax, seeks parliamentary review
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- ✓The United Forum of IDBI Officers and Employees on Thursday opposed the proposed sale of a majority stake in IDBI Bank to Fairfax.
- ✓Convener Devidas Tuljapurkar said, "We are seriously concerned that the transaction may undervalue IDBI's properties." Many employees fear this Rs 53,000 crore deal lacks proper public scrutiny.
Story at a Glance
- Category
- MARKET
- Reported By
- Economic Times
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
United Forum of IDBI Officers and Employees has expressed opposition to the proposed sale of IDBI Bank. Concerns include potential undervaluation of the bank's assets and the need for public scrutiny. The government plans to transfer a significant stake in IDBI Bank to Fairfax Financial Holdings. This transaction, valued at approximately Rs 53,000 crore, has raised fundamental questions about social responsibilities.
New Delhi: United Forum of IDBI Officers and Employees on Thursday opposed the proposed sale of a majority stake in IDBI Bank to Canada-based Fairfax, demanding an immediate suspension of the process and a comprehensive review under parliamentary scrutiny.
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