Final hearing of Haldia Petro plea set for July by Supreme Court

21-Apr-08

The Supreme Court has set July as a date to hear pleas by Chatterjee Petrochem and Chatterjee Petrochem (Mauritius) challenging the Calcutta High Court judgement that set aside the CLB order directing West Bengal to sell its shares in Haldia Petrochemicals to The Chatterjee Group. Chatterjee Petrochem had sought annulment of the allotment of shares to IOC and a direction to the state government to transfer the shares of HPL to it in accordance with the agreement between the parties. It also sought reconstitution of the board of directors of HPL and the right to nominate majority of directors in their capacity as majority shareholders of the company. After senior counsel appearing for Chatterjee Petrochem (India) requested the court to finally hear the matter, a bench posted the matter for final hearing in July. He also informed the bench that all the parties HPL, WBIDC, state government, IOC, Purnendu Chatterjee, Chatterjee Petrochem, IDBI, Winstar India Investment Co and India Trade (Mauritius) Ltd have filed their replies. SC had earlier stayed the HC order of February 16, 2007, which directed the position existing on the date of Company Law Board order would continue till the disposal of appeal. The companies had moved the apex court in September 2007, challenging the HC order that stayed the CLB direction dated January 31, 2007 asking the state government to exit from HPL by selling its 155 million shares to TCG at a higher valuation, to be determined by the board appointed valuer or at the rate of Rs 28.80 per share.