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Bengal to return stake to Chatterjee Group

Bengal to return stake to Chatterjee Group
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First Published: Thu, Feb 01 2007. 12 00 AM IST
Updated: Wed, Jan 31 2007. 11 08 PM IST
New Delhi: The West Bengal government and its agencies have been asked to transfer its minority share holding in Haldia Petrochemicals Ltd to the majority stake holders who are private promoters, by the a quasi-judicial body. The government and the West Bengal Industrial Development Corporation who together own 52 crore shares in the company have been asked to transfer the holdings before the end of the month. The private promoters are led by Chatterjee Petrochem, a Mauritius-based company owned by entrepreneur Purnendu Chatterjee.
Issuing the order, the Company Law Board (CLB), which rules on disputes between companies, has also asked that a valuer be appointed by 20 February to decide a fair price for the share transfer because that value is in dispute. According to S. Balasubramanian, chairman, CLB the price payable for the shares will either be the price quoted by the valuer or Rs 28.80 per share, a price on which the majority shareholders have apparently gone back on after previously agreeing to it. CLB will impose the higher of the two quotes.
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First Published: Thu, Feb 01 2007. 12 00 AM IST
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