Supreme Court dismisses Chatterjee appeal in HPL ownership dispute

摘要

The Supreme Court of India has dismissed the appeal by Purnendu Chatterjee-led Chatterjee Petrochem Limited and Chatterjee Petrochem (Mauritius) Co in the ownership dispute of Haldia Petrochemicals Limited. The ruling has reiterated that the state government has a majority holding in HPL and the onus is now on the Trinamool Congress-led government to make the next move, as reported by the Business Standard.The legal battle between the two promoters started in August 2005 when the TCG group went to CLB against the preferential allotment of HPL equity to Indian Oil Corporation (IOC). IOC had paid HPL Rs 150 crore for a 7.5% stake.