The Chatterjee Group (TCG) has raised fresh questions in the issue of transfer of HPL shares by the West Bengal government. TCG has questioned the locus standi of the West Bengal government, in the matter concerning the transfer of shares of Haldia Petrochemicals Ltd (HPL) to Indian Oil Corporation Ltd (IOC), before the Calcutta High Court.
TCG also filed four cross appeals against the Company Law Board (CLB) order of January 31, upholding the allotment of 150 million shares to IOC, as TCG claims that the state government has no stake in HPL. In its January 31 order, CLB had also confirmed the transfer of 155 million shares by the West Bengal Industrial Development Corporation (WBIDC) at Rs 10 per share to Chatterjee Petrochem (Mauritius) Co, Winstar India Investment Co Ltd, India Trade (Mauritius) Ltd and Chatterjee Petrochem (India) Pvt Ltd.
CLB had also directed WBIDC and the state government to transfer 520 million shares held by them to the four companies. These orders were challenged by the state government and WBIDC before the high court.
On February 16, Justice Jayanta Biswas admitted the appeals and in an interim order, stayed transfer of all shares of HPL, fixing February 28 as hearing date of appeal against transfer of the 155 million shares by WBIDC. The matter concerning transfer of the 520 million shares will come up later.
02-Mar-07 
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