New Delhi, Nov 28 (PTI) Dredging Corporation of India(DCI) today said its employees are on a "relay fastdemonstration" till December 5 to protest against thegovernment's move to sell its entire stake in the company.
The non-executive workers' union of the company hasalready threatened to launch an indefinite strike on or afterDecember 6, 2017 to protest against the stake sale.
"The employees of DCI are participating in a 'relay fastdemonstration' at Visakhapatnam from November 27 to December 5from 900 hours to 1800 hours every day against the centralgovernment's decision for sale of entire stake...," DredgingCorporation of India Ltd said in a regulatory filing to theBSE today.
It said the management has taken steps for smoothfunctioning of the operations of the company and their is nodisruption in the operations of the company.
Opposing the divestment plan, company workers, includingshore-based executives, had gone on a mass leave on November21 at Visakhapatnam.
The government, on November 1, approved sale of itsentire 73.47 per cent stake in the DCI.
The company has earlier said its management is holdingdiscussions with the union to call-off the strike.
Earlier on November 21, after the Department ofInvestment and Public Asset Management, Ministry of Financeinformed the company regarding constitution of an interministerial group for appointing transactional and legaladvisers for the stake sale, both the shore based executivesand non-executives of DCI at Head Office, Visakhapatnam hadgone on mass leave.
The employees had also staged a dharna at the main gateand did not allow the Directors and the CMD to enter the headoffice.
The disinvestment of the government's entire 73.47 percent stake in the company could fetch about Rs 1,400 crore tothe exchequer.
The dredging company is under the administrative controlof the shipping ministry.
It is involved in maintenance dredging, capital dredging,beach nourishment, land reclamation, shallow water dredging,project management consultancy and marine construction. PTINAMMKJ.
This is unedited, unformatted feed from the Press Trust of India wire.