The Chatterjee Group (TCG) has alleged that the West Bengal government suppressed facts regarding transfer of shares to Indian Oil Corporation, This further thickens the onging embroilgo between the two major stakeholders of HPL.
TCG counsel has alleged that the West Bengal Industrial Development Corporation (WBIDC) had allotted shares worth Rs 150 crore to IOC without the know of Purnendu Chaterjee-headed TCG, which holds 42% equity stake in the company. Also, the share transfer was done in the minimum possible time and no due diligence was carried out by IOC before accepting the shares, by bare representation without attaching any permission of the TCG. The IOC board accepted the proposal of share transfer the same day it was passed by the HPL Board, on 24 September 2005.
06-Jul-06 
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