HPL: CLB reserves interim order

The Company Law Board on Thursday reserved its interim order on the petition filed by the Purnendu Chatterjee-promoted The Chatterjee Group TCG against issuance of fresh equity shares in favour of IOC in Haldia Petrochemicals Ltd HPL.

At the same time, HPL on Thursday agreed to encash a cheque for Rs 150 crore issued by IOC for picking a 7.5 per cent stake and the West Bengal government deferred its decision to sell 36 per cent to TCG.

CLB Chairman S. Balasuramaniun, who gave the West Bengal government, TCG, HPL and IOC a hearing today, has posted the matter for a final hearing on September 27, and assured an interim order in a day or two.