Purnendu-Partha meeting tomorrow over Haldia Petrochem

The commerce and industry minister Partha Chatterjee has invited Purnendu Chatterjee for a talk tomorrow. Purnendu Chatterjee’s TCG is the share holder of the joint venture Haldia Petrochemicals. For the last few years the Chatterjee Group is fighting a legal battle with the state government over the issue of distribution and control of shares in the Haldia Petrochemicals. After the state government, who is the majority shareholder of the Haldia Petrochemicals, wanted to invite Indian Oil against the will of the TCG, the latter went to Company Law Board and won a favorable verdict.

The state government contested the CLB verdict and went to Calcutta High Court, where it won the case. Then the TCG in turn challenged the High Court verdict and went to Supreme Court, where the verdict is still awaited. Meanwhile, the state government also went back on a prior agreement with Purnendu Chatterjee and refused to transfer (sell) a certain amount of shares to TCG, thus forcing them to a minority status. For the last three years the TCG took initiatives to break the impasse and seek an amicable settlement with the state government but all went in vain. Now, after the change in the government the new industry minister took initiative and arranged for the meeting with Purnendu Chatterjee to resolve the issue.