HPL order "possibly" by Oct end: CLB chief

Kolkata, Sep 7 (UNI) The final order on the battle of control of Haldia Petrochemical Ltd (HPL) would "possibly" be delivered by October end, Company Law Board (CLB) chairman S Balasubramanian said today.

"The hearings are complete. We have asked both the West Bengal government and the Purnendu Chatterjee group to file the return submissions by October 10," Balasubramanian said.

"The final order will possibly be delivered by October end," he said.

Purnendu Chatterjee led The Chatterjee Group (TCG) had moved the CLB against the issue of Rs 150 crore worth of shares to Indian Oil Corporation (IOC) by the HPL management in which West Bengal government is a lead promoter through West Bengal Industrial Development Corporation (WBIDC).

Earlier, state government had offered TCG to buy out its entire shareholding in the company along with the 15.5 crore shares at a price of not less than Rs 28 per share. However, TCG had rejected the offer citing prices as too high.

HPL, a greenfield project in West Bengal, is jointly promoted by Purnendu Chatterjee-headed the Chatterjee group, West Bengal government and the Tata group.

TCG along with associates, India trade (Mauritius) company and Winstar, control 48.93 per cent in the Rs 5,170-crore company, while the West Bengal government holds 47.88 per cent.

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