West Bengal to act on Supreme Court verdict on share pattern of Haldia Petro

01-Nov-11

The West Bengal government plans to take further steps after getting legal opinion on the aspects of the Supreme Court verdict on the share pattern of the company. With this the state government asserts that revival of the cash-starved Haldia Petrochemicals Ltd (HPL) is its top priority, as per IANS. HPL, co-promoted by the West Bengal government, is currently facing an acute financial crisis. The Supreme Court recently dismissed the petition filed by Purnendu Chatterjee-led The Chatterjee Group (TCG), which is also a principal shareholder of HPL, against the decision of the Calcutta High Court allowing the state government to retain 155 million shares in the company. The TCG had challenged the high court verdict that set aside an order of the Company Law Board directing the state government to exit from HPL by selling its stake to the joint venture partner TCG. The state opines that the current sickness in HPL is not only because of the share pattern, but also because of technology, marketing and decision making.