The Supreme Court today stayed a Calcutta High Court order allowing West Bengal government to go ahead with the sale of 155 million shares of Haldia Petrochemicals Ltd (HPL) to Indian Oil Company (IOC) which had emerged as the sole bidder.
The order was passed by a bench comprising justices G S Singhvi and V Gopala Gowda on the appeal filed by Chatterjee Petrochem (Mauritius) Co and others.
A lawyer appearing for the Chatterjee Group (TCG) said that the apex court has remanded the matter back to the single judge bench of the high court.
The West Bengal government holds a 40 per cent stake in HPL through West Bengal Industrial Development Corporation.
TCG, a key promoter of HPL, has also filed an appeal in the apex court against the high court order barring it from going to the International Court of Arbitration in France.
