Privatisation move: LIC staff stage protest

Members of the Insurance Corporation Employees’ Union (ICEU), Machilipatnam division, at CB-2 and CAB branches located at Bhavanipuram, formed a human chain at lunch hour, raising slogans like 'Protect and save LIC’. The demonstration was staged in response to a call given by All India Employees’ Association (AIIEA) to observe the 65th anniversary of the Nationalisation of Life Insurance Business. Divisional joint secretary Ch. Kaladhar recalled that in 1956, the Government of India promulgated an ordinance and took over the management of 245 private insurance companies which had unleashed a reign of loot and plunder and had been resorting to financial misappropriations.