LIC says its office in Bangladesh will remain closed till August 7

Public sector company, the Life Insurance Corporation of India (LIC) on Monday said its office in Bangladesh will remain closed till August 7, PTI reported.
In a regulatory filing, LIC said, “The office of LIC of Bangladesh will remain closed during the period from August 05, 2024 to August 07, 2024, due to the prevailing socio-political situation in Bangladesh.”
The government of Bangladesh has declared a three-day curfew from August 05, 2024, to August 07, 2024, the filing added.
Shares of LIC closed at ₹1,110, down 6.10 per cent over the previous close on the BSE ojn August 5.
More than 100 people were killed over the last two days in violent clashes between security forces personnel and anti-government protesters across the neighbouring country, according to reports from Dhaka.
The students’ protests in Bangladesh, which started last month against a controversial job quota scheme, turned into an anti-government agitation.
The job quota that sparked the nationwide protests in Bangladesh provided reservations in government jobs to relatives of veterans who fought in Bangladesh’s war of independence in 1971.
Those protesting Bangladesh want the entire quota system to be replaced with merit-based system. They argued that the system is discriminatory and benefits supporters of PM Sheikh Hasina, whose Awami League party led the independence movement. They even demanded Hasina’s resignation as PM.
Giving in to the protester’s demand, Hasina stepped down as Bangladesh Prime Minister on August 5. She fled to India and is likely to remain there until she reportedly gets asylum in the United Kingdom
Hasina’s resignation was announced by Bangladesh’s army chief General Waker-Uz-Zaman. The Army chief also informed that he had invited political parties to form the interim government.
Hasina’s flight to India is not surprising given the longstanding alliance between her and Bangladesh’s powerful neighbour. India has been a crucial supporter throughout her tenure. This relationship has contributed to rising anti-India sentiment within Bangladesh, especially as Hasina’s popularity waned.
(With inputs from PTI)