The West Bengal government has countered the allegations of The Chatterjee Group (TCG), saying that TCG was aware of the going-ons inside the company, hence the Articles of Association were not violated. The state government has clarified to the Company Law Board (CLB) that there was nothing illegal in 15.5 crores additional shares of Haldia Petrochemicals Ltd (HPL), and no act of ultra vires (beyond the power) has been done by HPL management.
On Wednesday, TCG had alleged that HPL's 15.5 crore shares were unaccounted for and beyond its paid-up capital. TCG had accused that the shares, worth Rs 150 crore (Rs 1.5 billion), were never registered. But TCG changed their earlier stand and admitted that HPL management was aware of these shares.
The argument assumes significance as the promoters scuffle to control the company, as whosoever controls these 15.5 crore shares would have an upper hand in the HPL Board.
25-Aug-06 
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