The Chatterjee Group(TCG) has refused to sell its stake to the Bengal government, as the Company Law Board (CLB) deferred the matter for further hearing till July 4. The CLB had earlier suggested that the state government, through the West Bengal Industrial Development Corporation, should either buy TCG’s stake or sell its own to resolve the matter.
Acting on CLB’s suggestion, the Bengal government had offered to buy TCG’s entire holding in HPL at a price not lower than Rs 28.80 per share. However, TCG has rejected the proposal saying WBIDC’s offer was not clear and there was no clarity on price, demanding the appointment of an independent authority to value HPL’s share price. It seems that the settlement will be deferred after state elections and is expected to move faster once the new government is sworn in.
13-Apr-06 
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