The Calcutta High Court on Friday refused to pass an interim order on a petition by Haldia Petrochemicals Ltd seeking stay on the The Chatterjee Group's move to approach the International Council for Arbitration for resolution of transfer of 155 million shares in its favour.
Justice I P Mukerji, while refusing to pass an interim order, directed The Chatterjee Group to file an affidavit in opposition to the prayer by June 6 and HPL its reply to it by June 27.
The court gave liberty to the parties to mention the matter after submission of affidavits. HPL submitted that the arbitration proceedings sought to be initiated by TCG was unenforceable.
Appearing for TCG, counsel Sudipto Sarkar submitted that the Supreme Court did not mention transfer of 155 million shares which was left between the two promoters to resolve among themselves.
Sarkar said that TCG had invoked the arbitration clause of the January 12, 2002 agreement between the two promoters, the other one being West Bengal government, which ought to be resolved at the international council.
Sarkar submitted that TCG has proceeded to the Arbitration Court only to sort out this agreement. He stated that HPL also had scope to object to the arbitration proceedings before the Paris-based International Council for Arbitration.
Sarkar submitted that the matter was at a premature stage and the court should not interfere at this stage.
