Haldia Petro for Bengal govt, TCG out | business | Hindustan Times
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Haldia Petro for Bengal govt, TCG out

The Supreme Court on Friday dismissed The Chatterjee Group’s (TCG) appeal against the Calcutta high court judgement, allowing West Bengal government to retain 155 million shares in Haldia Petrochemicals Limited (HPL).

business Updated: Sep 30, 2011 21:53 IST

The Supreme Court on Friday dismissed The Chatterjee Group’s (TCG) appeal against the Calcutta high court judgement, allowing West Bengal government to retain 155 million shares in Haldia Petrochemicals Limited (HPL).

Purnendu Chatterjee-led TCG had challenged the HC verdict that set aside the Company Law Board (CLB) decision ordering the state government to give up its shares from HPL. The board had directed the government to sell its stake to joint venture partner, TCG.

The state government has been locked in a battle with TCG for the control of HPL since 2006.

The CLB had said the state government and the West Bengal Industrial Development Corporation (WBIDC) should divest their 520 million shares to Purnendu Chatterjee group firms. The Board had also upheld IOC’s entry into HPL.