 "SC dismisses TCG's plea on Haldia Petrochemicals shares")
The Supreme Court today dismissed the petition filed by The Chatterjee Group (TCG) against the decision of the Calcutta High Court allowing West Bengal government to retain 155 million shares in Haldia Petrochemicals Ltd (HPL).
The Purnendu Chatterjee-led TCG had challenged the high court verdict that had 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.
A bench comprising Justices Altamas Kabir and Cyriac Joseph upheld the September 21, 2007, order of the High Court disallowing the TCG plea that the state government be kept out of HPL.
The CLB had on January 31, 2007, asked the state government to transfer its 155 million shares in HPL to TCG.
West Bengal government and West Bengal Industrial Development Corporation (WBIDC) had challenged the CLB order in the the High Court.
The high court, however, had upheld Indian Oil Corporation’s entry into HPL.
West Bengal government has been locked in a battle with TCG for control of HPL since 2006.
PTI
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