West Bengal government is likely to question Haldia Petrochemicals (HPL) management on non finalization of accounts following defaulter notice, issued by Registrar of Companies (RoC). RoC had issued show-cause notice to the petrochem firm for non filing of balance sheet and not holding annual general meeting AGM. Commerce and Industries (C&I) minister Partha Chatterjee told Times Of India that it is keeping a close watch on the development of HPL, the flagship of new industrialization in the state. The state government is a co-promoter of HPL with 43% stake.
HPL is not filing annual accounts to RoC which is mandatory under company law since 2005 because of legal disputes. The battle between two promoters - TCG and the state government – that started in 2005 in Company Law Board, continued till September 2011. From CLB, the case was taken to Calcutta High Court and finally to Supreme Court. The SC verdict on HPL was delivered on September 2011.