It is a story with enough twists and turns to put a Bollywood film to shame. Haldia Petrochemicals’ creditors have now filed a case in the Calcutta High Court protesting against an order passed by the Company Law Board (CLB) for transfer of the West Bengal government’s stake to The Chatterjee Group.The creditors, led by IDBI, are arguing that the CLB cannot order the share transfer without their consent. Interestingly, the West Bengal government has also filed a similar case.
I don’t see an early end to this saga and I wonder what Indian Oil Corp (IOC) is going to do with its investment in the company. It will also be interesting to see if the ownership tussle eventually influences Haldia Petrochemicals’ ambitious plan for a new cracker and derivatives complex.