Financial Daily from THE HINDU group of publications
Friday, Aug 05, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 05, 2005 |
|
|
|
|
|
|
|
Corporate
-
Corporate Disputes CLB reserves order on Chatterjee Group plea Our Bureau
Kolkata , Aug. 5 THE Company Law Board on Thursday reserved its interim order on the petition filed by The Chatterjee Group on the issue of fresh shares of Haldia Petrochemicals Ltd to Indian Oil. The matter was heard by Mr S. Balasubramanium, CLB Chairman. While the TCG counsel was Mr Abhishek Singhvi, Mr Shanti Bhusan represented West Bengal Industrial Development Corporation (WBIDC). IOC's lawyers also presented their case. The final hearing has been scheduled for September 27 and 28. However, an interim order is expected within the next two to three days. On Wednesday, the West Bengal Government had asked WBIDC to encash the Rs 150-crore cheque given by IOC on February 18 for a 7.5 per cent stake in HPL. The State Government took this decision after it failed to divest its 36-37 per cent stake in HPL to TCG. Several rounds of discussions between the two principal promoters of HPL over the last three to four months failed to end the deadlock. TCG, which holds around 60-61 per cent in HPL, moved the CLB, accusing WBIDC of "breach of trust" in the share allotment to IOC and the matter was registered with the Registrar of Companies.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
