HPL’s revival only after resolving shareholding dispute: Godrej
November 15th, 2011 - 11:34 pm ICT by IANSKolkata, Nov 15 (IANS) India’s second largest polyethylene maker, Haldia Petrochemicals (HPL), which is currently facing a severe financial crisis, can be revived only if the promoters resolve the ongoing dispute over the company’s majority shareholding, a company director said Tuesday.
“I think the problem has been the quarrel between the promoters. HPL has to get over that and that is the only way that the company can go ahead. The local administration has to co-operate with the management in maintaining the law and order situation in the region,” Godrej & Boyce chairman Jamshyd N. Godrej told reporters on the sidelines of a programme organised by the Indian Institute of Management (IIM), Calcutta.
Godrej is an independent director on the board of HPL, co-promoted by the West Bengal government.
The major stakeholders of the cash-starved company — The Chatterjee Group (TCG) and the West Bengal government — are trying to sort out the dispute over the majority shareholding.
The Supreme Court had recently dismissed the TCG petition against the decision of the Calcutta High Court, setting aside a Company Law Board directive asking the state government to exit the project by selling its stake to TCG.
The company’s expansion plans are also on a slow track as the shareholding pattern is not clear yet.
Purnendu Chatterjee, the chairman of TCG, had recently announced a Rs.4,000 crore investment plan in eight different projects, over a period of three to three and a half years.
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- Bengal to seek legal opinion on Haldia verdict - Oct 29, 2011
- HPL eyes two projects to beat financial crisis - Oct 26, 2011
- Chatterjee Group chief meet Mamata ahead of HPL board meet - Mar 26, 2012
- Chatterjee Group plans Rs.4,000 crore investment in Bengal - Jul 06, 2011
- 'Bengal minister's appointment violative of Constitution' - Apr 18, 2012
- 'Mamata government open to solving Haldia Petrochemicals' problems' - May 28, 2011
- Haldia Petrochemicals expects Rs.10,000 crore turnover this fiscal - Jun 11, 2011
- Haldia Petrochemicals outlines Rs.4,000 crore investment plan - May 30, 2011
- Haldia Petrochemicals on road to recovery: Official - Jun 15, 2011
- Chatterjee Group to set up private bank in Bengal - Jul 07, 2011
- Mamata hosts dinner for industrialists - Oct 18, 2011
- TCG Lifesciences to foray into bio-tech medicine - Feb 16, 2012
- Haldia Petrochemicals talking to RIL for market segregation - Aug 19, 2011
- TCG Lifesciences, Pfizer sign drug research deal - Jan 05, 2010
Tags: calcutta high court, chatterjee group, company director, expansion plans, hpl, iim calcutta, independent director, indian institute of management, institute of management, investment plan, kolkata, law and order, local administration, majority shareholding, petrochemicals, polyethylene, promoters, quarrel, tcg, west bengal government