Supreme Court suspends Haldia board meeting

26-Sep-07
The Supreme Court has suspended last weeks' order by the Calcutta High Court that had aided the Bengal government gain control of Haldia Petrochemicals. This defers HPL's board meeting that was scheduled for October 1 to discuss several of pending issues by four weeks, after TCG counsel sought a status quo on grounds that the company had not been given a copy of the judgment. The High court had earlier set aside the Company Law Board's (CLB) order to sell the Bengal government's share in HPL to The Chatterjee Group (TCG). TCG has been furnished only with an authenticated copy of the speaking order and had not been provided the final judgement. The October 1 board meet, was to have decided on litigious issues such as allotment of shares to lenders, appointment of auditors and holding of annual general meetings of shareholders.
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