HC refuses stay on share transfer of HPL

The Calcutta High Court refused to pass an interim stay on any proposal for transfer of shares of HPL.

Written by Agencies | Kolkata | Published:June 20, 2012 2:17 pm

The Calcutta High Court today refused to pass an interim stay on any proposal for transfer of shares of Haldia Petrochemicals Ltd (HPL) to Indian Oil or ONGC.

Justice Indira Banerjee,while refusing to pass an interim stay on a plea by Winstar India Investment Company Ltd promoted by The Chatterjee Group (TCG),kept the order in abeyance till June 25 so it could appeal against the order before a higher court.

The court,however,did not intervene on the question of Winstar’s submission that it did not have any representation on the board of HPL,despite having a 7.5 per cent stake in the company.

Winstar had moved the court of Justice Indira Banerjee yesterday claiming that a board meeting of HPL was scheduled to be held here during the day to allow transfer of shares to Indian Oil or ONGC.

Winstar claimed that it held 7.5 per cent in HPL,but had no representation on the board of the company and as such could not have a say in the proceedings.

Justice Banerjee had then directed that status quo be maintained till today.

The West Bengal government and TCG,promoters of HPL,the largest petrochemical company in West Bengal,are locked in a bitter battle over transfer of shares of the company.

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