The Karnataka High Court has asked the bank's employees not to go on a strike; they'd called for a nation-wide strike to protest against's government's plans of diluting stake.
The Karnataka High Court, in an order, has restrained IDBI Bank staff from going on a strike. The bank's employees had called for a four-day strike starting March 28-31, however, the HC has asked the employees to cancel the strike call with the financial year-end looming.
Employees of the bank had called for a nation-wide strike from Monday to oppose the government's plans to dilute its stake in the troubled state-run lender.
Employees and officers of the lender under the banner of United Platform of IDBI Bank Unions have given the strike call.
Justice Raghvendra S. Chauhan said in his order "Needless to say, banking operations are essential to the functioning of a nation and fundamental to the lives its people. If the operations are brought to a halt, the domino effect will be felt not only on the people but also on the health of the economy. Since the strike will have a cascading effect, it is imperative that the respondents are prevented from carrying it out, especially when prima facie, there is a violation of IDBI (Staff) Rules of 1980".
In his Budget speech, Finance Minister Arun Jaitley had announced plans of divesting the government's stake in IDBI Bank to below 50%.
"The process of transformation of IDBI Bank has already started. The government will take it forward and also consider the option of reducing its stake to below 50%," Jaitley said in the February 29 Budget speech.
Earlier, the United Platform of IDBI Bank Unions had demanded a written assurance from the government that "their shareholding in IDBI Bank will not be less than 51% at all times as assured on the floor of the Parliament".
The government owns around 80% stake in the lender currently.
(With agency inputs)
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