The compromise formula worked out by the Company Law Board (CLB) has elicited silence from the West Bengal Government and The Chatterjee Group (TCG). This compromise formula was worked out by the CLB to bring truce between the two promoters of Haldia Petrochemicals (HPL).
As per the compromise formula worked out by the CLB, the CLB chairman was in favour of TCG having majority control in HPL till the company came out with an IPO. All share transfer agreements between West Bengal Industrial Development Corporation (WBIDC) and TCG would be treated as cancelled and the former would refund whatever payment it had received from the latter.
17-Mar-06 
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