Calcutta High Court refuses to contemplate TCG plea

13-Sep-07
The Calcutta High Court refused to consider 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. 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.
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