The Himachal Pradesh High Court on Friday granted a temporary respite to the state government against Oberoi group’s unilateral plan to change composition of the equity share in the multi-crore Wild Flower Hall project, a joint venture already running into serious troubles and legal battles.
A single bench headed by Chief Justice Kourian Joseph, after hearing the government’s plea against the company, which had convened a meeting of the Board of Directors for September 14 apparently to change certain terms of the joint venture agreement restrained the group against taking up two controversial items in its proposed meeting next week.
The government has been fighting a legal battle against the company for reducing its equity share and thus putting the state into huge loss. Recently when the company circulated an agenda listing a move to convert Rs 100 crore loan into equity, the government vehemently opposed the move and declined to attend an earlier meeting fixed for August 10, which eventually could not happen for want of quorum. But the company,alleges a senior government official still chose to go ahead with the plan and convened a fresh meeting to discuss the controversial issue next week.
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