The Centre of Indian Trade Unions (CITU) on Sunday protested on Government’s move to disinvest the profit making PSU Ferro Scrap Nigam Limited (FSNL). The CITU general secretary Tapan Sen in a statement said the Central Government is resorting to all “illegal practices” to sell the Mini Ratna company to Japan’s M/s. Konoike Transport Co. Ltd and must roll back from the sale.
Extending solidarity with the striking employees of FSNL, the CITU pointed out that PSU Navratna steel companies are completely dependent on FSNL for scrap handling since its inception.
“With utter surprise, no consultation with them has at all been initiated by the government on such a vital issue and the top managements of FSNL are also not properly aware of this clandestine move.
“FSNL is a company having a reserve fund of about Rs 200 crore and movable assets worth Rs100 crore employing more than 600 employees and 5,000 contract workers.
During the year ended March 31, 2022, Company has paid Interim Dividend for FY 2021-22 amounting to Rs 9.50 per equity shares,” said CITU in a statement detailing the profits of the FSNL.
CITU said that “such a golden egg producing company is straight away being guillotined by the government because of its sheer obsession for privatization factually without any valid reason”. “CITU once again condemns the authoritarian anti-National move of the Modi government and stands strong with striking FSNL workers. CITU calls upon all its units to take this issue to all sections of workers and mobilize them insolidarity with this anti-privatization struggle,” said CITU.
