Purnendu Chatterjee and the Bengal government seem poised to arrive at a solution regarding the sale of stake to Indian Oil Corp (IOC). Chances of negotiations have brightened between the two to break the impasse.
Purnendu moved the law board to resist the government's decision to transfer 7.5% in HPL to Indian Oil. On September 28, law board chairman S. Balasubramaniam asked TCG and West Bengal Industrial Development Corporation (WBIDC) to meet the chief minister to work out a "compromise formula" within a month. Neither side had taken the initiative so far, even though the next round of hearings in the case has started. One of the principal promoters of HPL- Purnendu Chatterjee,
The Chatterjee Group (TCG) head honcho, has written to Bengal CM Buddhadeb Bhattacharjee, asking for talks to work out a compromise, as urged by the Company Law Board (CLB). At the behest of the Bengal CM, commerce and industry minister Nirupam Sen will get in touch with Chatterjee after the second week of November. Chatterjee seems ready to make overtures for an out-of-court settlement.
31-Oct-05 
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