Business Daily from THE HINDU group of publications
Wednesday, Mar 21, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Mar 21, 2007 ePaper |
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Corporate
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Corporate Disputes States - West Bengal Govt failing to keep promise on Haldia Petro: TCG counsel Our Legal Correspondent
Kolkata March 20 The West Bengal Government now is detracting from its earlier promise to The Chatterjee Group (TCG) with regard to the management and control of Haldia Petrochemical Ltd (HPL). This argument was advanced by counsel of TCG today before Mr Justice Jayanta Kumar Biswas of Calcutta High Court during the hearing of an appeal filed by WBIDC and the State, challenging the order of the Company Law Board directing the State Government to transfer its stake of HPL to The Chatterjee Group. Counsel further argued that the West Bengal Government in 1994 headed by Mr Jyoti Basu had assured Mr Purnendu Chatterjee that he would control and manage the entire HPL project subject to financial investment but now the scenario was quite different. The Chatterjee Group has invested huge amounts but the State Government is not handing over the management to the company, counsel added. Now, the Government by bringing in IOC is trying to make The Chatterjee Group a minority. Pointing out that the Government has failed to keep its commitment towards The Chatterjee Group with regard to HPL, counsel submitted that the company has no other remedy but to move court. The hearing will continue.
More Stories on : Corporate Disputes | Petrochemicals | West Bengal
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