Uttam Kumar Basu, managing director of the ailing Haldia Petrochemicals Ltd (HPL), has resigned with immediate effect, as per business-standard.com. Basu, whose term was to end on December 31 this year, gave his resignation to the HPL board which accepted it in a meeting last week. According to sources, the resignation is a result of the Purnendu Chatterjee-led The Chatterjee Group wresting control of the management after the state government, represented by West Bengal Industrial Development Corporation, decided to offload its 41% stake in HPL in September 2014.
The development comes at a time when the future of HPL looks bleak as Chatterjee hasn't paid the first instalment of the Rs 1,305 crore he has agreed to pay for 520 million shares of HPL, at Rs 25.10 apiece. According to the deal, the share-transfer agreement would become valid after Chatterjee pays half the amount in the first instalment.
The plant remains closed since July 7 this year due to failure of the naptha-cracker unit - the main unit of the plant. The condition worsened after the principal lenders refused to infuse fresh funds, citing difference between the two promoters - TCG and WBIDC - over the non-payment of the first instalment. The plant needs Rs 1,000 crore for buying naptha, the main feedstock.
15-Dec-14 
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