Published on March 12, 2014
Haldia Petrochemicals has decided to go to the Board for Industrial and Financial Reconstruction, which handles financially sinking companies. The board is working on a revival plan. It is being said that the crisis at HPL will be resolved soon.
HPL is working on a financial restructuring plan that will help the company’s net worth to become positive before the current fiscal year ends. The company at present has a negative net worth of over Rs 60 crore. The company also has a paid-up equity of Rs 1,680 crore and preference share capital of Rs 271 crore.
For the past nine years the promoters have had disagreements over some shares worth Rs 15.5 crores. TCG chief Chatterjee had even agreed to infuse Rs 500 crore as equity in the company but the government never gave its approval.
