The Supreme Court, on Tuesday, allowed The Chatterjee Group (TCG) to go ahead in the International Court of Arbitration in France to settle its dispute over the sale of 155 million shares of Haldia Petrochemicals Ltd (HPL). TCG, a key promoter of HPL, had challenged the Calcutta High Court order barring it from going for arbitration in the International Chamber of Commerce (ICC), Paris, and negating the decision of the Company Law Board (CLB) to allot 155 million shares to the Indian arm of TCG.
Allowing the appeal, a bench, comprising justices G. S. Singhvi and V. Gopala Gowda, directed the parties to resolve their disputes through arbitration as mentioned in Clause 15 of the letter of agreement dated January 12, 2002, in accordance with the Rules of ICC and subsequent Agreements dated March 8, 2002, and July 30, 2004. — PTI
This article has been edited to incorporate the following correction:
The headline of a report (Dec. 11, 2013, Business page) on the Supreme Court’s permission for international arbitration to settle a dispute over the sale of shares of Haldia Petrochemicals Limited wrongly called it “HCL dispute.” It should have been HPL.