Purnendu Chatterjee,one of the promoters and chairman of Haldia Petrochemicals,said the government has to sell the shares held by it to TCG (The Chatterjee Group) entities - promoted by him. "I fully expect that the government will honour all the commitments reached between us and sell 520 million shares held by it after valuing them," Chatterjee said. As per the agreement between the two promoters,TCG has the first right of refusal. Chatterjee said,"Our position is very clear. TCG is the beneficial owner of 155 million shares,but the registration is not done yet". He said the shares needed to be registered by the West Bengal Industrial Development Corporation (WBIDC) and TCG was ready to pay the balance amount needed for the entire block of 155 million shares. Chatterjee said that TCG had earlier paid a few installments for 155 million block of shares but the cheques between the two promoters,the other promoter being WBIDC. He said,"The Supreme Court judgement had not dealt with the loan repayment issue and the government should accept the repayment and present the shares for registration in TCG's name". Asked what would be his course of action if the government decided to go for the auction route to sell the shares held by it,Chatterjee said,"I do not know whether the government is planning on those lines. The position is not critical so far". "I have a good relationship with the government. I will fully expect that the government will honour all the valid agreements and there is no reason why the government will dishonour them," Chatterjee observed. "We are waiting for the government to take a decision," he said. Meanwhile,a crucial board meeting of HPL is slated to be held tomorrow.
