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Our Legal Correspondent

Kolkata, March 14

Mr C.A. Sundaram, another counsel for West Bengal Industrial Development Corporation (WBIDC), today alleged before Mr Justice Jayanta Biswas of the Calcutta High Court that the Chatterjee Group tried to throw off West Bengal Government from Haldia Petrochemical Ltd (HPL) by virtue of the order passed by Company Law Board (CLB) on January 30. The WBIDC has challenged the order of CLB directing WBIDC to transfer 1.55 million shares of HPL to the Chatterjee Group. The WBIDC counsel stated that there was an agreement with all the promoters including the Chatterjee Group, when it was decided to infuse funds for revival of HPL, but the TCG without bringing in any funds for revival of HPL, started capturing ownership of the entity.

The counsel further stated that CLB has no jurisdiction to adjudicate this issue, and that it should be done by a Civil Court as the flavour of the dispute was of a civil nature. Earlier, the first counsel of WBIDC concluded his argument stating that the order of the CLB was a grievous error of law.

More Stories on : Courts/Legal Issues | Petrochemicals | PSU | West Bengal

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