The Chatterjee Group (TCG) has contended that 15.5 crore shares of the company are unaccounted for and beyond its paid-up capital, as they have been created after the establishment of HPL and do not belong to the original (paid-up) capital of the refinery. This amounts to an act of suppression of facts by HPL management and the state government, which holds shares through WBIDC.
TCG along with associates, India Trade (Mauritius) Company and Winstar, control 48.93% in the company, while the West Bengal government holds 47.88%. Now it seems that whosoever controls these 15.5 crore shares would have an upper hand in the HPL Board. As per the 2005 report of Registrar of Companies, there was no information on the 15.5 crore shares.
24-Aug-06 
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