Business
Finance MoS says IDBI staff concerns covered in SPA
The Hindu BusinessLine··7h ago
Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that IDBI Bank staff concerns are covered in the Share Purchase Agreement. A Preliminary Information Memorandum inviting bids was published on October 7, 2022, he said. Expressions of interest are under due diligence after Home Ministry and RBI checks. The United Forum, with 11,900 officers, denied DIPAM consulted it.
Prism
What It Means For You
- IDBI staff terms during strategic sale are being framed inside the Share Purchase Agreement, per the minister's reply.
- United Forum leaders say they were not shown the draft SPA and dispute DIPAM consultation claims.
- Conciliation talks before Mumbai labour commissioners in 2025 and 2026 did not produce a disclosed settlement.
What's Happening
- Chaudhary replied to an unstarred question from Thamizhachi Thangapandian on privatisation status and staff impact.
- United Forum said it held seven dharnas at Jantar Mantar against sale to private or foreign buyers.
- A one-day nationwide strike was observed on August 11, 2025, the forum said.
What DIPAM Told Labour Officials
- A DIPAM official wrote that strategic disinvestment is confidential and price-sensitive.
- DIPAM called conciliation forum-shopping while Supreme Court and Mumbai High Court pleas remain pending.
- Forum convenors include Devidas Tuljapurkar with joint convenors Vithal Koteswara Rao and Ratnakar Wankhade.
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