India, Nov. 1 -- The Joint Platform of Ten Central Trade Unions has strongly opposed the proposed privatisation of IDBI Bank, demanding an immediate suspension of the disinvestment process and an independent investigation into alleged irregularities in the sale procedure. Said the statement issued by joint platforum of 10 trade unions - AITUC, CITU, INTUC, HMS, UTUC, LPF, AIUTUC, AICCTU, SEWA, TUCC.

In a press release issued on Sunday, the platform condemned the Government's decision to transfer its combined controlling stake with the Life Insurance Corporation (LIC), involving 60.72 per cent of IDBI Bank's equity, to a foreign-controlled private entity. The unions said IDBI was a strategic public institution that had played a historic r...