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The Calcutta High Court today directed that status quo be maintained till tomorrow on any proposal for transfer of shares of Haldia Petrochemicals Ltd (HPL).
Winstar India Investment Co. Ltd, promoted by The Chatterjee Group (TCG) and a major shareholder in HPL, moved the court of Justice Indira Banerjee claiming that a board meeting of HPL was scheduled to be held here during the day to allow transfer of shares of Indian Oil Corporation 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 thereafter directed that status quo be maintained till tomorrow when the final hearing on the matter would be held.
The West Bengal government and TCG, promoters of HPL, the petrochemical company in West Bengal, are locked in a bitter battle over transfer of shares of the company.
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