TCG demands management control of HPL: Partha Chatterjee

Purnendu Chatterjee today demanded that the management control of beleaguered Haldia Petrochemicals (HPL) be restored to TCG group, one of the promoters, for bringing in fresh funds for resurrection of the company.

"Purnendu today asked for management control of HPL for bringing in funds for rejuvenation of the cash-starved company which is being denied," West Bengal commerce and industry minister and chairman of HPL Partha Chatterjee told PTI.

The HPL board met during the day to take stock of the situation of the company's operational and financial health.

The HPL chairman said that the TCG promoter Purnendu had said that the suggestion forwarded by him be approved at the board of the company which was not accepted.

Chatterjee said that the view of the West Bengal government which holds its shares through WBIDC was that the operations of HPL would have to be maintained at any cost and production at less than 240 tonnes per hour was causing financial loss to the company and would have to raised and which required funds.

He said that Purnendu and his brother were members of the CDR panel in 2003-04.

The minister said that the board had asked him to bring in funds through the CDR route rather than claiming management control beforehand.

He said that WBIDC had also expressed its interest to appoint a transactional adviser for valuation of HPL shares.