The Chatterjee Group (TCG) has expressed that it has no objection to allotment of shares to Indian Oil Corporation (IOC) and IDBI in Haldia Petrochemicals (HPL), if TCG continues to retain the majority stake.
The dispute over the control of HPL was triggered in August 2005 after TCG moved the CLB over WBIDC's decision to allot 7.5% stake in HPL to IOC. TCG, which claims to hold 53% stake even after the allotment, argued that it had the first right of refusal to the shares. TCG would submit its proposal to the task force comprising nominees of the West Bengal government and TCG for an amicable settlement of the stand-off over the allotment of shares to IOC, a copy of which is to be sent to the CLB.
For the proposed conversion of IDBI's Rs 135 crore debt into preference shares, TCG argued that if it was allowed to represent the company, it would find a cheaper lender than IDBI and suggested pre payment of IDBI's debts. TCG contended that it would come into minority if the loans of IDBI were allowed to be converted into equity.
24-Jan-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}