TCG stakes claim over Haldia Petro.
Economic Times (New Delhi, India), September, 2005
Sep. 28--DELHI -- The Purnendu Chatterjee Group (TCG) on Tuesday reasserted its claim over 51 percent of Haldia Petrochemicals (HPL) on the first day of the final hearing of the ownership dispute with the West Bengal government. The hearing of the case before the Company Law Board (CLB) will continue on Wednesday.
TCG wants to reverse the West Bengal government's 7.5 percent stake sale in HPL to Indian Oil Corporation for Rs 150 crore, as the state had dishonoured its commitment to sell its stake to TCG, which the group called "oppressive conduct". The CLB had upheld the stake sale on August 5, subject to its final order.
TCG told the CLB that as per the JV deal with the West Bengal Industrial Development Corporation (WBIDC), it has a right to control...
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