HC sets aside CLB order to transfer Bengal govt stake in HPL to TCG
A bench of justice Jayanta Kumar Biswas also dismissed the CLB order that asked the state government to transfer its 155 million shares in HPL to TCG. The court, however, upheld IndianOil’s entry into HPL.
By TNN & Agencies |
KOLKATA: The Calcutta High Court on Friday set aside a Company Law Board (CLB) order that had directed the West Bengal government and the West Bengal Industrial Development Corporation (WBIDC) to divest their stake in Haldia Petrochemicals to Purnendu Chatterjee-controlled TCG Group.
A bench of justice Jayanta Kumar Biswas also dismissed the CLB order that asked the state government to transfer its 155 million shares in HPL to TCG. The court, however, upheld IndianOil’s entry into HPL.
It may be recalled that Mr Chatterjee, through his group companies Chatterjee Petrochem (Mauritius), Winstar India Investment, India Trade (Mauritius) and Chatterjee Petrochem (India) had moved the CLB seeking majority control of HPL.
TCG refused to comment on the order. TCG’s Indian operations head Aniruddha Lahiri told a news agency: “We will not comment on the issue, unless we get the certified copy of the order.”
Reacting to the order, Bengal CM Buddhadeb Bhattacharjee said: “We have won the case. This much I know.” Bengal industries minister Nirupam Sen said, “I am happy with the verdict.”
On January 31 this year, CLB chairman S Balsubramanian had di-rected the Bengal government to exit HPL by selling its stake to TCG Group. The order had further asked the WBIDC and the Bengal gov-ernment to disinvest their 52 crore shares in favour of Mr Chatterjee and his group at Rs 28.80 per share, or a price as may be determined by the appointed valuer. Both WBIDC and Bengal government filed separate appeals against the order in Calcutta High Court.
On February 16, Justice Biswas had stayed the CLB order and directed parties to maintain status quo as was on the date of CLB order.
A bench of justice Jayanta Kumar Biswas also dismissed the CLB order that asked the state government to transfer its 155 million shares in HPL to TCG. The court, however, upheld IndianOil’s entry into HPL.
It may be recalled that Mr Chatterjee, through his group companies Chatterjee Petrochem (Mauritius), Winstar India Investment, India Trade (Mauritius) and Chatterjee Petrochem (India) had moved the CLB seeking majority control of HPL.
TCG refused to comment on the order. TCG’s Indian operations head Aniruddha Lahiri told a news agency: “We will not comment on the issue, unless we get the certified copy of the order.”
Reacting to the order, Bengal CM Buddhadeb Bhattacharjee said: “We have won the case. This much I know.” Bengal industries minister Nirupam Sen said, “I am happy with the verdict.”
On January 31 this year, CLB chairman S Balsubramanian had di-rected the Bengal government to exit HPL by selling its stake to TCG Group. The order had further asked the WBIDC and the Bengal gov-ernment to disinvest their 52 crore shares in favour of Mr Chatterjee and his group at Rs 28.80 per share, or a price as may be determined by the appointed valuer. Both WBIDC and Bengal government filed separate appeals against the order in Calcutta High Court.
ADVERTISEMENT
On February 16, Justice Biswas had stayed the CLB order and directed parties to maintain status quo as was on the date of CLB order.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
