Financial Daily from THE HINDU group of publications
Thursday, Aug 04, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 04, 2005 |
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Corporate
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Corporate Disputes Haldia Petro told to give details on share allocation to IOC Our Bureau
New Delhi , Aug 3 THE Company Law Board on Wednesday directed Haldia Petrochemicals Ltd to provide details on whether shares of the company have been allocated to Indian Oil Corporation. It also enquired whether HPL had encashed the cheque given by IOC for the purpose. The CLB was hearing a petition moved by Dr Purnendu Chatterjee's The Chatterjee Group (TCG), one of the major stakeholders in HPL, alleging oppression and mismanagement by the West Bengal Government, HPL and the West Bengal Industrial Development Corporation (WBIDC) in the affairs of the company. TCG was seeking to restrain the share transfer to IOC. At the hearing, the CLB Principal Bench, comprising Chairman Mr S. Balasubramanian, noted that the West Bengal Government has submitted that shares have been allocated to IOC and necessary returns have been filed with the Registrar of Companies, Kolkata. HPL is a three-way joint venture between Dr Purnendu Chatterjee of Chatterjee Petrochem (Mauritius), WBIDC and the Tatas, with WBIDC and the Chatterjee group being majority partners in the company and the Tatas holding a minority share. IOC is set to invest Rs 150 crore in the company for a 7.5-per cent stake with representation on the company's board. According to the Chatterjee Group, which had the right of first refusal whenever the Tatas or the West Bengal Government wanted to exit HPL, the option was given to them. The West Bengal Government has 36 per cent stake in HPL, TCG holds about 61 per cent and Tatas hold three per cent.
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