Financial Daily from THE HINDU group of publications
Wednesday, Aug 24, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 24, 2005 |
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Corporate
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Courts/Legal Issues `Legal battle hurting Haldia Petro badly' Kohinoor Mandal
Kolkata, Aug. 23 AGAINST the backdrop of the ongoing legal battle between West Bengal's Left Front and The Chatterjee Group (TCG) on the induction of IOC into Haldia Petrochemicals Ltd (HPL), Dr Purnendu Chatterjee agreed that the worst sufferer in this whole episode is Haldia Petrochemicals, which has turned around and started registering healthy profits. On whether the functioning of HPL is affected by the recent developments, Dr Chatterjee said it is the most "depressing aspect" of the whole incident. "We hope to resolve the whole matter as early as possible because the company has the potential to become a market leader," Dr Chatterjee told Business Line. He, however, preferred not to comment on the allegations made by TCG, his investment company, on the role played by Mr Tarun Das, the Delhi-based non-executive Chairman of HPL. Mr Das, the CII chief and well-known industrial expert, became the Chairman of HPL on the insistence of both Dr Chatterjee and the West Bengal Government. "The matter is sub-judice. I would not like to comment on this matter," Dr Chatterjee said. However, a senior TCG official said Mr Das was a part of all negotiations between the West Bengal Industrial Development Corporation and IOC.
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