CFO of HPL quits amid stake sale delay, as tenure of MD nears end on 30 September

13-Sep-13

As the stake sale of Haldia Petrochemicals Ltd (HPL) gets delayed, the company’s chief financial officer (CFO) has resigned and is moving to a consultancy company. As per Business Standard, D S Chakraborty, former CFO at HPL, was asked to join the management after his contract ended in June. This was primarily done by the West Bengal government to keep the stake sale process intact. He did not opt for renewal in contract with HPL, which ended two days ago. Additionally, Managing Director Sumantra Chowdhury’s extended contract with HPL terminates on September 30. Chowdhury was re-appointed by the HPL management, as the West Bengal government, which is selling its 40% stake in the company, wanted the top management to be intact till the time the highest bidder was selected.