TCG raises objection at AGM of HPL to appointment of MD and Director

01-Aug-12

The Chatterjee Petrochem (Mauritius) Company (CPMC), a TCG (The Chatterjee Group) has raised objection the appointments of Sumantra Choudhury and Jamshyd N. Godrej as the managing director and the director respectively of the Haldia Petrochemicals Limited at the annual general meeting (AGM). Both the objections were voted out in the meeting. The HPL AGM took place after a gap of eight years and all the resolutions were passed in the meeting. HPL chairman Partha Chatterjee, who is also state commerce and industries minister, said: “Since 2004, the accounts of the company were not passed. Today, all the accounts till 2011-12 have been passed. Choudhury was appointed managing director last month to replace former Coal India Ltd chairman Partha S. Bhattacharyya who demitted office amid a legal battle between TCG and the West Bengal government, the two co-promoters, over control and management of the petrochemical firm. TCG has not opposed appointment of Partha Chatterjee as HPL’s chairman, though he replaced TCG chief Purnendu Chatterjee, who continues to sit on the board as vice-chairman. Partha Chatterjee’s appointment as chairman was to be confirmed at Tuesday’s AGM.