06-06-2011: FIPB recommends Cals Proposal for FDI worth Rs 1425 crore for CCEA Consideration in their meeting held on 20th May 2011
15-03-2011: Signed Agreement with Hardt Group, Austria for Purchase of CENCO and ATAS Refineries and Equity Investment
31-03-2010: Entered into tri-partite agreement with Haldia Development Authority and West Bengal Industrial Development Corporation (WBIDC), wherein WBIDC took over the land allotted to the Company and agreed to sub-lease the land to the company on compliance of certain terms and conditions
17-06-2009: Cals Refineries signs MoU signed with Bharat Petroleum Corporation (BPCL) for off-take of all products other than those required to be supplied to BP.
03-Apr-12, The Managing Director of the Company has attended the hearing pursuant to the summons issued by SEBI and replied to the queries raised by them.
20-Jan-12, The Company has furnished further information about the project and GDR issue to SEBI in response to their Summons dated 12-Jan-12 received on 17-Jan-12.
03-Jan-12, The Company has made a request to SEBI for a reconsideration of its Order dated Dec 30, 2011 and allow it to proceed with issue of GDRs to HARDT group. If the request cannot be accepted the company has requested SEBI for an early completion of investigation of the case and issue of final Order.
11-Nov-11, Following the Personal Hearing held on November 8, 2011, the Company has submitted to the Hon'ble Member, SEBI, a written submission along with all the supporting which were cited during the hearing. Prayed for an immediate dropping of the interim order against the Company and also lifting of the restriction on issuing of further equity.
The Company attended the Personal Hearing before the Honourable Member on November 8, 2011 and reiterated its submissions and refuted the allegations made in the SEBI order dated September 21, 2011.
SEBI vide its order dated September 21, 2011 has restrained the Company from proceeding with any Equity issue including any instrument convertible into Equity shares. The Company has appealed against the said order of SEBI and has been accorded a personal hearing on November 8, 2011.
Hardt Group is helping the Company by negotiating an EPC contract for implementation of the project. However, pursuant to the SEBI order, the EPC contract will get finalized only after a clarity emerges on issuance of further equity.