Since the Company Law Board (CLB) order has upheld the allotment of 150 million shares in Haldia Petrochemicals Limited to IOC, The Chatterjee Group (TCG) has indicated willingness to co-habit with Indian Oil Corporation (IOC). However, this solution can be worked out with the West Bengal government, only if IOC remains as a portfolio investor in HPL.
Earlier, IOC has indicated that it was not keen on having portfolio investments in HPL only, but would strive towards gaining management control in the company. However, with its current holding in HPL at 7.5%, it seems that the CLB order would ultimately vest management control with TCG,.
TCG seems ready to hold talks with West Bengal government in line with the CLB order that has directed West Bengal government to offload 520 million shares to TCG, the floor price of which was Rs 28.80 per share.
The order has also directed both the parties, TCG and the West Bengal government, to meet at CLB on February 20 to decide on a mutually acceptable value for determining the fair price of the shares.
12-Feb-07 
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