Centre, SEBI accept Jaya's NLC proposal; workers end stir

The Centre and market regulator SEBI on Monday accepted the Jayalalithaa government's proposal to buy disinvested shares of Neyveli Lignite Corporation (NLC), bringing the curtains down on the month-long stand-off over the issue.

The Tamil Nadu government's offer to buy the stakes through five of its PSUs got  the nod at a meeting attended by state government, central and SEBI officials held in Mumbai on Monday, after which  workers of NLC called off their 13-day old strike.

Following the acceptance of the proposal, five state-government undertakings would buy the NLC shares for approximately Rs 500 crore, Chief Minister J Jayalalithaa said in a statement in Chennai and appealed to employees of the Navaratna firm to end their agitation against the Centre's move.

"With my government's efforts, the attempt to sell NLC shares to private has been curbed. It is a great victory to this government's continuous efforts, my personal efforts, workers' protest, unity and to the united voice of people of Tamil Nadu," she said.

About 30,000 workers of NLC, who have been agitating against the Centre's disinvestment move, rejoiced over SEBI's decision and announced calling off the protest from Monday night.