Indian Oil Corporation (IOC), which had made a bid to buy out West Bengal government's stake in ailing Haldia Petrochemicals Limited (HPL), plans to wait till March 31st before taking a call on the matter, as per PTI. IOC had quoted a price of Rs 25.10 per share for HPL's stake and was the sole bidder. There has been no official communication so far from the West Bengal government after the bid was submitted in October 2013, as per a senior official. In the absence of any decision in the issue regarding transfer of shares to IOC, it will be taken up by the executive committee in which all the functional directors and the chairman are members.
IOC has learnt that the West Bengal government was in talks with TCG, the other promoter, to find a way out, he said, adding, "We will react once the outcome of the talks are made public."
TCG, which was supposed to exercise its right of first refusal on the IOC offer, moved the Supreme Court over the controversial 155 million shares which were clubbed together with the state government's stake holding in HPL. The apex court subsequently allowed TCG to move the arbitration cell of Paris-based International Chamber of Commerce to resolve the ownership issue of the 155 million shares.
04-Mar-14 
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