Calcutta High Court orders status quo on sale of shares of Haldia Petrochemicals until Dec 16

The Calcutta High Court has ordered status quo on the “sale of shares” of Haldia Petrochemicals Ltd (HPL) till December 16 or further orders, a move that will hit the West Bengal Government’s plan to divest its stake in the ailing petrochemical company. The State Government has a near 40% stake (675 million shares) in HPL. Of the total holding, around 9% (155 million) is disputed, as The Chatterjee Group (TCG), another promoter of HPL with a 41% stake, has claimed ownership over the same. The Court has not clarified whether “status quo” is to be maintained for the disputed shares or the entire 40% stake put on the block. Justice Mukherji observed that a pending appeal by TCG before the Supreme Court to move to the Arbitration Cell of International Chamber of Commerce at Paris would become infructuous if share transfer is allowed.
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