The CLB had, on August 4, allowed IOC to retain the 7.5% shares issued by HPL, but said status quo be maintained till the case was decided. The Chatterjee Group (TCG) seeks a reversal of the Company Law Board's (CLB) decision to issue shares in Haldia Petrochemicals Ltd. (HPL) to Indian Oil Corporation (IOC).
TCG has filed a fresh petition before the CLB for this purpose, based on the fact that shares were allotted by HPL before IOC's cheque was encashed. It is alleged that Haldia Petrochemicals concealed before the CLB the fact that shares were allotted to IOC on August 2, a day before the company encashed the Rs 150 crore IOC cheque. HPL in turn clarifies that matter and seeks the dismissal of TCG's new petition on the grounds that as the cheque for Rs 150 crore had been received on February 18, it was not important when it was encashed. The HPL counsel has further contended that IOC's status as a bona fide shareholder could not be questioned as it had paid a valid consideration.
While the CLB reserved its judgment on the petition, Haldia Petrochemicals and other respondents will be required to file their replies to the CLB in response to the original petition filed by TCG before September 2.
26-Aug-05 
