PUNE: The Shiv Sena's Bhartiya Kamgar Sena (BKS) made an appeal for ordinary policyholders on Thursday, urging Union Finance Minister Nirmala Sitharaman "not to move on with the LIC IPO" until the IDBI Bank Ltd's recently uncovered issues are fully resolved.

In a letter to Sitharaman, BKS General Secretary Dr Raghunath Kuchik, who has been appointed as a Minister of State, has referred to the "IDBI blunder" involving one of its alleged wilful defaulters, Sanghavi Exports International Pvt Ltd, a diamantaire firm. He said that the IDBI Bank Ltd came out with three different amounts of alleged wilful default of loans by the diamantaire group in less than 72 hours, which has caused confusion among the Reserve Bank of India, IDBI Bank account holders, and the LIC, whose IPO is due shortly.

"Please ask the concerned authorities and RBI officials to conduct a thorough investigation in the interest of the common man, crores of account holders and LIC policyholders, Central government and LIC involvement (as) the upcoming IPO on the board," said Dr. Kuchik, Chairman of the Maharashtra Minimum Wages Board.

"We absolutely do not want to repeat the Nirav Modi and Mehul Choksi scenario (that) occurred with the Punjab National Bank a few years ago," the BKS leader warned Sitharaman.

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