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Workers urge govt to take over Peerless

More than 200 Peerless employees from all states gathered at Jantar Mantar here under the banner of All India Peerless…

Workers urge govt to take over Peerless

Representational Image (PHOTO: GETTY IMAGES)

More than 200 Peerless employees from all states gathered at Jantar Mantar here under the banner of All India Peerless Employees Union and CITU (Central Industrial Trade Union) to demand the government take over Peerless General Finance and Investment Co Ltd to protect the livelihoods of thousands of officers and field employees.

Earlier, a delegation of Peerless employees, including Nitya Gopal Dutta, working president, Indranil Sengupta, vice-president, and Gautam Chatterjee, general secretary of All India Peerless Employees Union, led by MP Shankar Prasad Dutt met Arjun Meghwal, Minister of State for Finance and handed a memorandum demanding taking over of Peerless. The delegation told The Statesman the minister assured them that he will look into the matter.

Peerless, a premier finance company, had been directed by Reserve Bank of India to stop its deposit taking business from 1 April 2011. The company had been doing this business under the guidance and supervision of RBI since 1987.

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Gautam Chatterjee, general secretary of the union, said: “The company used to mobilise small savings from people across the country. So far as the reputation of the company is concerned, Peerless has an impeccable record of paying back more than Rs 20000 crore to its depositors on maturity. Besides Reserve Bank of India has informed honourable Supreme Court of India in 2010 that the finances of the company are very sound , Peerless has deposited 100% of its deposit liability in Public Sector Banks and Government Securities and was running its business as per the RBI guidelines.

“However, Reserve Bank of India issued directive in 2007 to exit from its nature of business and start an alternative business from 01/04/2011, while directing the RBI has completely ignored the advice of the apex court. As a consequence it has resulted in mass loss of employment of thousand of field and office employees of Peerless who were employed in the company," Chatterjee added.

Senior leaders and members of CITU and CPI-M had assembled along with the employees of Peerless. M L Malkotia, CITU treasurer and MPs Shankar Prasad Dutta, Badroddaza Khan and A Sampat expressed their solidarity. Sampath said , “The demands of the employees are very genuine and CPI-M stands with them. We will make sure that we raise the issue in Parliament."

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