Eight days after the promoters of Haldia Petrochemicals: the Bengal government and The Chatterjee Group, initiated a truce move, the company law board (CLB) has announced fresh dates of January 12 and 13 for hearing HPL's case. Interestingly, the pre-condition to a compromise deal with Chatterjee by the Bengal government was a withdrawal of the CLB case. Is this an indication that Chatterjee has not taken back his case?
Industrial Development Bank of India, the lead banker of HPL, is interested in the settlement formula being worked out as the CLB has restrained the company from allotting shares worth Rs 135 crore to IDBI till the disposal of the case. TCG had approached the CLB to have the Bengal government's share sale to IOC rescinded. Though this move failed, another share allotment worth Rs 135 core to IDBI was stalled till the case was resolved.
05-Dec-05 
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