CLB upholds 7.5% Haldia Petro allotment to IOC

The Company Law Board (CLB) today upheld the 7.5%share allotment of Haldia Petrochemicals to Indian Oil Corporation (IOC) pending a final view on the matter.

Passing an interim order, CLB chairman S Balasubramanian said: "I do not propose to put any fetters on the right of IOC on the shares other than stipulating that the impugned allotment shall be subject to the final order on the petition."

The final hearing has been fixed for September 26.

The Purnendu Chatterjee group, which owns 61% in Haldia Petrochemicals, had challenged the allotment to IOC through issue of fresh shares by the West Bengal government.