The Company Law Board has directed the West Bengal government to transfer 155 mn shares of Haldia Petrochemicals Limited (HPL) to The Chatterjee Group (TCG) at Rs. 10 a share agreed upon earlier by the West Bengal and TCG, and another lot of 520 mn shares at Rs. 28.80 or a price determined by an independent valuer. Following the stake transfer, TCG would hold 52% (760 mn shares) stake in HPL, which has a paid-up equity of Rs. 1460 crores (1.46 bn shares of Rs. 10). The increased stake would bring TCG closer to taking over the management control of HPL after a prolonged legal battle with the West Bengal government.
TCG holds its stake in HPL mainly through Chatterjee Petroleum (Mauritius) and India Trade (Mauritius). The 155 mn shares was earlier issued to Chatterjee Petroleum India (CPIL) but was not confirmed.
West Bengal industry minister Nirupam Sen told reporters at the sidelines of a seminar organized by Bengal National Chamber of Commerce that the order was not acceptable for the state and indicated that it would move the Supreme Court against the order.
Read the Business Standard article.
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