The meeting is held to finalize its strategy on bringing together secular parties to target the government on the Nuclear Liability Bill and budget.
Party leaders said Bhattacharjee is not attending this time because of the Assembly Session in Kolkata.
The two-day politburo meeting, which is being held at the AKG Bhavan, is being attended by party general secretary Prakash Karat, M K Pandhe, Brinda Karat, Manik Sarkar and Pinarayi Vijayan, among others.
"Political situation will be reviewed and strategy will be finalised. The meeting will also decide on the venue of the extended Central Committee meeting to be held in Aug 2010. We will also decide who all should be invited to it," Pandhe said.
The extended CC meeting is being convened to decide on the political line since the CPM has postponed the Party Congress to 2012.
The meeting would review the progress made by the party in its inner-party rectification campaign, especially in states like West Bengal and Kerala.