Chatterjee: Truce call?

Calcutta, Oct. 24: Purnendu Chatterjee seems to be suing for peace after years of uneasy coexistence with the Bengal government in Haldia Petrochemicals Ltd.

The chairman of The Chatterjee Group (TCG), one the few early-bird investors who brought foreign direct investment to the state, met chief minister Buddhadeb Bhattacharjee today.

“I was there to wish him for Bijaya. I do not want to have any problem with the government,” Chatterjee told The Telegraph later.

Chatterjee’s meeting with the chief minister comes at a time the prolonged legal battle between the West Bengal Industrial Development Corporation and TCG has entered the final lap in the Supreme Court. The sides are locked in abattle for control of Haldia Petrochemicals, Bengal’s second-largest company.

“I am hopeful that the problem would be solved soon. But I cannot speak much as the matter is sub judice,” Chatterjee added.

The chief minister declined to comment on the 40-minute meeting at Writers’ Buildings.

Industry analysts felt that the meeting brightened chances of revival of efforts for an out-of-court settlement.

Chatterjee was reportedly keen to call on the chief minister for some time but a meeting did not take place. However, with the state pulling off a victory in the last round in the high court, the government might have felt magnanimous enough to give an appointment.

The government had made its stand clear on Haldia Petrochemicals: either the government or TCG buys the other out or let the board be managed professionally with both parties coexisting.

TCG, however, had been keen on taking over the management as well as control of the company.

Chatterjee and the Bengal government had come close to settling the problem many times in the past but nothing came of such efforts.

TCG moved the Company Law Board in 2005 and got an order in its favour. But the government challenged the directive in Calcutta High Court, winning the appeal and prompting TCG to approach the Supreme Court.

Chatterjee’s overture comes at a time TCG is seeking to grow beyond Haldia Petrochemicals in Bengal. Besides planning to strengthen its biotech venture TCG Lifesciences, the group is trying to expand its presence in information technology. It is also pursuing plans for a refinery at Haldia.