MSTC has alleged that the company was not clearing dues of over R500 crore for importing naptha and the HPL management was not responding to MSTCs communication.
MSTC worked as an agency for importing naptha for HPL from West Asia but had to stop importing since the company was not clearing the dues. There was no response from HPL against any of our communication and so we decided to lodge a complaint with the police last week, an MSTC official said. He didnt want his name to be mentioned.
HPL board chairman Partha Chatterjee, who is also the West Bengal industry minister, said he was not fully aware of the issue but the board will certainly have to look into the matter if there is something like this.
HPL management has called an emergency board meeting on Tuesday since the complaint, which charges criminal offence, calls for disqualification of all board members under section 224 (IG) of the Companies Act, an HPL board member said on the condition of anonymity.
Meanwhile, Indian Oil Corporation (IOC), which emerged as the single bidder for taking over the West Bengal governments 31% stake in HPL, has asked its earnest deposit of R37 crore back since the deadline for completing the deal was over.
IOC made an offer of R25.10 per share against Deloittes valuation of R3.70 per share. But the deal didnt take place since the Calcutta HC blocked transfer of all shares because of co-promoter Purnendu Chatterjees litigation with the West Bengal government on 15.5 crore shares.
But the government has proposed a rights issue, which, according to a section of the HPL management, would hit a road block.
TCG has now got clearance to move the international court of law.