Indian Oil Chairman, Sarthak Behuria had been offered a place on the board of Haldia Petrochemicals, amidst controversy over allotment of 15 crore shares to the oil PSU. However, an injunction by the Company Law Board on his appointment as well as on the allotment of shares to Indian Oil has prevented him from attending any meetings. Yet this move to induct Behuria on the board of Haldia Petrochemicals is being widely seen as an indication of interest by the state government to seel off its stake to the oil PSU. IOC currently owns 7.5% of Haldia Petrochemicals, but its ownership is disputed by the Chatterjee Group (TCG). TCG has moved the Company Law Board disputing the allotment of 15 crore shares to Indian Oil for Rs 150 crore.
Indian Oil Corporation has been keen to acquire majority control in Haldia Petrochemicals. Indian Oil Corporation's projected investments for the state encompass projects to raise refining capacity at Haldia at an investment of Rs 2,000 crores and setting up a petrochemical plant adjacent to its refinery. IOC has also been requested to be the anchor investor in the proposed petrochemical hub in Haldia.
16-Jun-06 
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