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Victor Purnendu balks at CLB order, wants to talk
February, 02nd 2007

A day after the Company Law Board (CLB) granted Purnendu Chatterjee his wish to take absolute control of Haldia Petrochemicals Ltd, the non-resident fund manager threw up his hands and expressed a desire for an amicable solution.

Chatterjee, who promoted HPL together with the state in the Nineties but fell out two years ago, thinks Wednesdays CLB order helps only the interest of West Bengal government.

Chatterjee, who holds a 54% stake, reckons that, contrary to the impression that CLB order is a victory for him, the order is complex and open to interpretation.

A PTI report quoted Aniruddha Lahiri, Chatterjees point man in India, as saying: We want an amicable solution to the issue. It is a very complex order and we understand that CLB has protected interest of the West Bengal government. The government got what it wanted.

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