The shareholders of Haldia Petrochemicals, the West Bengal government, the Chatterjee Group and its associates had approved an allotment of shares to Indian Oil Corporation in an extra ordinary meeting this January. Approval was given for issuing 15 crore shares for Rs 150 crore, giving IOC an 8% stake in Haldia Petrochemicals.
However, HPL has not issued the shares due to which IOC is threatening to take HPL to court. This eventuality is anticipated to negatively affect HPL's chances of joining the Chatterjee group led consortium in the acquisition of Basell Polyolefins. Surprisingly, HPL has also not drawn the money deposited buy IOC in lieu of the proposed shareholding.
28-Jun-05 
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