ING Vysya employees oppose merger with Kotak Mahindra Bank

January 07, 2015 04:28 pm | Updated April 01, 2016 08:00 pm IST - Bengaluru

Majority of employee-shareholders of ING Vysya opposed the company’s move to merge with Kotak Mahindra Bank.

In an extraordinary general meeting (EGM) held at the headquarters of ING Vysya here on Wednesday, employee-shareholders said the merger would not help ING Vysya, and it should not happen.

In the closed-door EGM, the employees demanded a tripartite agreement as part of the merger. According to sources, around 537 shareholders, including proxy holding around 16.93 crore shares, were present at the meeting. “We participated in the EGM, and we clearly told the board that ING Vysya should be merged with a public sector bank. Due to the merger, the employees’ future may not be safe in the hands of Kotak Mahindra Bank. We are demanding a tripartite agreement with Kotak Mahindra Bank,” said All-India ING Vysya Bank Employees’ Union General Secretary K. J. Ramakrishna Reddy. “If they don’t concede for this, we will go for further struggle and agitation. We will not stop till we achieve it,” he added.

Asked about the future if the resolution get approved at the EGM, S. A. Sridhar of ING Vysya Bank Officers’ Association, said: “We have asked for a copy of the MoU, and the management has not provided that. We have all options available and open. If they are not going to take care of the employees, we will go on indefinite strike till we achieve all our demands.”

In the second meeting, the Regional Labour Commissioner told the ING Vysya Bank management to involve Kotak Mahindra Bank officials also in the discussion and arrive at an amicable settlement, the union leaders said.

The Regional Labour Commissioner is meeting the officials on Thursday.

Earlier, on Wednesday, the employees’ unions of ING Vysya Bank staged a protest here, demanding job security and tripartite agreement with Kotak Mahindra Bank.

All-India ING Vysya Bank Employees Union and All-India ING Vysya Bank Officers’ Association together represent around 40 per cent of the total employees of 10,000.

ING Vysya Bank spokesperson said, “The results will be notified within 48 hours as per law.”

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