Management at Independent News and Media have been accused of stealing their workers' life savings in order to pay cash to shareholders.

Almost 100 current and former staff at the company have protested outside an emergency general meeting this afternoon.

The company is asking shareholders to restructure the company ahead of paying dividends - while at the same time winding up its defined benefit pension scheme.

Today's EGM was summoned to write off €1.1 billion in accumulated losses from the purchase of overseas newspaper assets, which the company's chief financial officer said would never be recouped.

It was also asked to approve a restructure in shares, which is seen as paving the way for a payment of dividends this year. 

However the moves come at a time when the company is in talks with the trustees of its pension fund, seeking to write down its value by around 70% - which workers say is unjust while dividends are being paid.

Former Sunday Independent business journalist Martin Fitzpatrick was among those speaking against the plan at the EGM: