CALCUTTA, Nov 18: Hindustan Lever Ltd has objected to the manner in which Henkel Spic India Ltd was declared the winning bidder for the controlling interest of Shaw Wallace & Co Ltd in both Calcutta Chemical Company Ltd and Detergents India Ltd. SWC has sought the approval of the Company Law Board for the sale of Calcutta Chemical and Detergents India at a proposed sum of Rs 51.05 crore.

SWC, which has since sought the CLB's clearance for the sale, has admitted in its petition that "the sale of these assets could not be proceeded with, because Hindustan Lever Ltd raised certain objections which were duly examined and considered by the said committee of directors and some delay took place". HLL was one of the contenders for buying out the controlling interest in Calcutta Chemicals while Henkel had bid for both Calcutta Chemicals and Detergents India.

A letter written by M S Banga, director (detergents) of Hindustan Lever, to the board of SWC states: "We thought we will draw your attention to the following facts to ensure that the process disinvestment proposed by Shaw Wallace & Co. is not only fair and impartial but is also perceived to be fair and impartial in the best interest of the company and its shareholders."

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.