CLB asks HPL to defer board meeting
The Company Law Board has ordered Haldia Petrochemicals Limited (HPL) to defer its board meeting scheduled for March 13, as Mauritius based TCG Financial institutions and the Indian oil Corporation ltd are fighting a legal battle for the ownership...
By PTI |
NEW DELHI: The Company Law Board has ordered Haldia Petrochemicals Limited (HPL) to defer its board meeting scheduled for March 13, as Mauritius based TCG Financial institutions and the Indian oil Corporation ltd (IOCL) are fighting a legal battle for the ownership of the company.
CLB chairman also urged TCG and IOCL for maintaining status quo before posting the next hearing for March 29 and 30.
The ownership control issue came up in HPL, jointly owned by the Chatterjee Petrochem of Mauritius-based The Chatterjee Group (TCG) and West Bengal government's Industrial Development Corporation (WBIDC), after few of its board members proposed to allot shares worth Rs 150 crore to IOCL.
Fearing it would be reduced to a minority if the allotment takes place, TCG approached CLB citing mismanagement in HPL's affairs.
TCG has sought either cancellation of the allotment of shares or alternatively restraining IOCL from exercising any rights on the shares.
However, urging both sides to work out a compromise, CLB directed deferment of allotment of shares and also of the Rs 135 crore share allotment to IDBI.
The debate on holding HPL's board meeting is due to its `representation' as five of the total strength of the board of 12, represent the financial institutions led by IDBI.
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