Lenders have thrown their hat into the Haldia Petrochemicals Limited case with Industrial Development Bank of India moving the Calcutta high court against the Company Law Board order on share transfer to the TCG firm.
The legal battle for control of Haldia Petrochemicals Ltd took a new twist on Wednesday when The Chatterjee Group contended before the Company Law Board that 15.5 crore (Rs 155 million) shares of the company were unaccounted for.
Tata group chairman Ratan Tata on Tuesday came out in support of the West Bengal government for offering shares of Haldia Petrochemicals Limited to state-owned Indian Oil Corporation -- a decision contested by HPL's principal promoter, the Chatterjee
Haldia Petrochemicals Limited, in the midst of a debt restructuring process, is exploring various options for coming out with an initial public offer.
HPL management's control will go to the promoter who gets access to the 155 million shares block.
West Bengal government, through its arm West Bengal Industrial Development Corporation, had decided to offload its shares (which included the controversial 155 million shares) following which IOC emerged as the sole valid bidder.
While the Trinamool government, led by Chief Minister Mamata Banerjee, tried its best to attract investors, including from Singapore, not much headway could be made.
While it was no secret that Mamata was upset with Patha Chatterjee for a while as he has hardly been successful in bringing any big-ticket investment, there is a strong buzz that it was the controversy over the HPL bid that finally influenced her decision.
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