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Asserting that revival of the cash-starved Haldia Petrochemicals Ltd (HPL) is its top priority, the West Bengal government Saturday said it will take further steps after getting legal opinion on the aspects of the Supreme Court verdict on the share pattern of the company.

The HPL, which is second largest maker of polyethylene in India and 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.

‘Purnendu babu had come here. We (the government) were trying to understand the legal aspects of the Supreme Court’s verdict. We will first take legal opinion and then take actions,’ state Industry Minister Partha Chatterjee told reporters after holding a meeting with Purnendu Chatterjeee.

‘We told him that the current sickness in HPL is not only because of the share pattern. Technology, marketing and decision making are also the reasons for the sickness,’ he said.

Stating that the revival of the firm was the top priority of the government, he said, ‘We told him that we will soon take legal opinion and inform him on this regard.’

HPL is a modern naphtha-based petrochemical complex located 125 km from Kolkata, at Haldia in West Bengal’s East Midnapore district.

 


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