Promoters of Haldia deliberate over 15.5 crore unaccounted shares

24-Jul-06

Promoters of Haldia Petrochemicals are debating over 15.5 crore unaccounted shares in the refinery. Sources indicate that the shares are with the West Bengal Industrial Development Corporation. TCG has accused that the shares, worth Rs 150 crore, were issued but never registered. Sources indicate that the holder of the shares would have a majority in the Board. Both the TCG and the WBIDC claim ownership of the shares. This is a new angle to the already long drawn legal battle between WBIDC and TCG for the control of HPL, a greenfield project in West Bengal, jointly promoted by Purnendu Chatterjee-headed The Chatterjee Group, West Bengal Government and the Tata Group. As per the 2005 report of the Registrar of Companies (RoC), there was no information on the 15.5 crore shares. As per an agreement between the two partners, the shares were to be handed over to TCG, but as per the state government, "HPL cannot recognise these shares until they are handed over to the company. Moreover, IDBI's permission is also required to hand over the shares to TCG.