Jamshyd Godrej, the chairman of Godrej & Boyce, has stepped down from the board of Haldia Petrochemicals Ltd (HPL). However, the Government of West Bengal, a key investor in HPL, has intervened and is trying to persuade him to stay on, as per The Telegraph, at a time the government has refused to hand over majority stake to TCG.
If Godrej stands by his decision, the HPL board, which once had 15 members, will be left with 13. Five board members represent lenders, four represent TCG and three represent the Bengal government. One berth is held by managing director Partha Bhattacharya. The slot occupied by former diplomat Naresh Chandra, another independent director brought in by Tarun Das, is now vacant. Indian Oil Corporation, a minority stakeholder with the desire to play a bigger role, is also looking at a slot for its director (finance). SBI, the lead banker for Haldia’s working capital loan, too, wants a seat.