Business Daily from THE HINDU group of publications
Tuesday, Jun 20, 2006
Business Daily from THE HINDU group of publications Tuesday, Jun 20, 2006 |
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Corporate
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Regulatory Bodies & Rulings CLB chief hints at end to Haldia dispute Our Bureau
Kolkata , June 19 Is an amicable solution possible between the West Bengal Government and Dr Purnendu Chatterjee, whose fight over Haldia Petrochemicals Ltd (HPL) has been a talking point in corporate circles? Yes, if one goes by what is being broadly hinted by the Company Law Board chief. For all those who have been watching developments at HPL, a decision can materialise as early as in the first week of July, when the matter comes up for hearing at the CLB. "I hope this will be the final hearing," said Mr S. Balasubramanian, Chairman of CLB, told newspersons when asked about the Board's latest stand on the issue. Dr Purnendu Chatterjee, head of The Chatterjee Group (TCG), one of HPL's principal promoters, had turned down the West Bengal Government's proposal to buy out his stake. The TCG stance was considered significant in view of the fact that in late March, the State Government had suggested that it was willing to acquire the TCG stake. Based on a compromise formula put forward by the board, it was suggested that either TCG would buy out the State Government stake (at price higher than Rs 28.80 a share) or the Government would buy back the shares held by TCG.
Related Stories: More Stories on : Regulatory Bodies & Rulings | Corporate Disputes | Petrochemicals
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