Calcutta HC refuses to entertain TCG plea

KOLKATA: The Calcutta High Court on Tuesday refused to entertain a verbal plea by The Chatterjee Group (TCG) to prevent a board meeting of Haldia Petrochemicals Ltd (HPL) at New Delhi on Wednesday from appointing a financial institution director.

The TCG counsel submitted before Justice Jayanat Biswas that the board meeting should not be allowed to go ahead with the appointment of a director from the financial institution Industrial Finance Corporation of India (IFCI).

Justice Biswas, however, refused to entertain the plea and asked TCG to file an application if they wanted to pursue the matter. The board meeting supposed to be held at New Delhi tomorrow is scheduled to appoint a director from IFCI.

An appeal against a Company Law Board order involving the transfer of shares of HPL had been heard by the court of Justice Biswas. Though hearing in the matter has been completed, order has not yet been passed.

WBIDC had challenged the CLB order granting transfer of 155 million shares of HPL to its joint venture partner TCG.