Centre, SEBI accept Jayalalithaa's proposal on Neyveli Lignite Corporation; workers end stir

Chennai The Centre and market regulator SEBI on Monday accepted Jayalalithaa government's proposal to buy disinvested shares of Neyveli Lignite Corporation (NLC), bringing the curtains down on the month-long stand-off over the issue.

Tamil Nadu government's offer to buy the stakes through five of its PSUs got the nod at a meeting attended by state government, central and Securities and Exchange Board of India (SEBI) officials held in Mumbai, after which workers of NLC called off their 13-day old strike.

Following the acceptance of the proposal, five state government undertakings would buy the NLC shares for approximately Rs 500 crore, Chief Minister J Jayalalithaa said in a statement here and appealed to employees of the Navaratna firm to end their agitation against the Centre's move.

"With my government's efforts, the attempt to sell NLC shares to private has been curbed. It is a great victory to this government's continuous efforts, my personal efforts, workers' protest, unity and to the united voice of people of Tamil Nadu," she said.

About 30,000 workers of NLC, who have been agitating against the Centre's disinvestment move, rejoiced over SEBI's decision and announced calling off the protest from Monday night.
Story First Published: July 16, 2013 00:50 IST

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