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Kolkata, May 11

Mr Justice Jayanta Kumar Biswas of the Calcutta High Court today reserved judgement in the appeal filed by the West Bengal Government and West Bengal Industrial Development Corporation (WBIDC) challenging the order of the Company Law Board, asking WBIDC and State Government to transfer 1.55 million shares held by Indian Oil Corporation in Haldia Petrochemicals Ltd to The Chatterjee Group.

After a two-month long hearing, the Court today reserved the judgement. Earlier, on February 16, Mr Justice Biswas while admitting the appeals, directed the parties to maintain status quo with regard to transfer of shares as on January 30, 2007. On January 30, 2007, CLB passed the order of transfer of shares. Now the fate of the shares of Haldia Petrochemicals depend on the judgement of the Calcutta High Court.

Our Legal Correspondent

More Stories on : Courts/Legal Issues | Petrochemicals

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