The West Bengal government and Chaterjee group, promoters of HPL are locked in a bitter battle over transfer of shares of the company

Kolkata: The Calcutta High Court on Wednesday refused to pass an interim stay on any proposal for transfer of shares of Haldia Petrochemicals Ltd (HPL) to Indian Oil or ONGC, reports PTI.

Justice Indira Banerjee, while refusing to pass an interim stay on a plea by Winstar India Investment Company Ltd promoted by the Chatterjee Group (TCG), kept the order in abeyance till 25th June so it could appeal against the order before a higher court.

The court, however, did not intervene on the question of Winstar's submission that it did not have any representation on the board of HPL, despite having a 7.5% stake in the company.

Winstar had moved the court of Justice Indira Banerjee yesterday claiming that a board meeting of HPL was scheduled to be held in Kolkata during the day to allow transfer of shares to Indian Oil or ONGC.

Winstar claimed that it held 7.5% 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 had then directed that status quo be maintained till today.

The West Bengal government and TCG, promoters of HPL, the largest petrochemical company in West Bengal, are locked in a bitter battle over transfer of shares of the company.