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VSNL employees worried about divestment fallout
Neeraja Kumar
New Delhi : The Videsh Sanchar Nigam Limited (VSNL) employees are worried about their job security post disinvestment, and want the government to safeguard their interests, while disinvesting its share in the VSNL. According to sources in the Federation of VSNL Employees Union, the demands of the employees include stock options of 1,000 shares to each employee, to be issued on the face value of Rs 10, besides assurance of job security and existing benefits enjoyed by the employees. A presentation was made to this effect by the employee unions to the Minister of Communications, Mr Ram Vilas Paswan, last month. According to sources, the Minister has assured the employees that the Government would secure the interests of the employees."Our concern is not disinvestment, but that our job should be secured and the benefits being given to us, including our pension benefits should not be curtailed," said an official of the Federation. According to him, the if the Government does not accept the union's demand then the employees will take to agitation. "We will go to any extent to ensure that our demands are met," he said. The Cabinet Committee on Disinvestment is scheduled to meet tomorrow to take a decision on disinvetment of the government's stake in VSNL. Meanwhile, the employees are also worried about the lock-in period of the stock options, under which each employee was offered 200 shares at the rate of Rs 294 per share in May 1999. "The lock-in period is till 2003 and the share price has already dropped to around Rs 300 per share. The employees are concerned that with disinvestment the price would drop further and their investments will not be protected." The employees want the lock-in period to be removed immediately. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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