Dispute between the West Bengal government and Chatterjee Group (TCG) over control of Haldia Petrochemicals (HPL) has intensified as the state government submitted that Purnendu Chatterjee-led TCG had no right over the 15.5 crore shares that were agreed for sale, as the group had failed to keep its commitment to bring in investment of Rs 500 crore. TCG had brought in only Rs 107 crore, which came after two years. With this, the dispute comes back to the Company Law Board (CLB).
The government, as the majority shareholder, had responsibility for the transfer of its shares and management control for 10 years without any consideration, hoping that TCG would invest funds and revive the company. As this has failed to happen, transfer of shares or control does not seem possible. In this case, the state is also ready to refund TCG’s money.
16-Jan-06 
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