The Foreign Investment Promotion Board (FIPB) has recommended the proposal of Cals Refineries Ltd for Foreign Direct Investment worth Rs 1425 crore for the consideration of the Cabinet Committee on Economic Affairs (CCEA).
Cals Refineries Ltd. (BSE: 526652) ('Cals') and the Hardt Group ('Hardt') today announced a definitive agreement for Cals to acquire the Cenco and Atas refinery assets owned by affiliates of Hardt and currently located in the United States and the Turkish Republic of Northern Cyprus.
Kharafi Group will invest $150 million in a 100,000 barrels per day (bpd) coastal refinery being built by Cals Refineries Ltd , the Indian company said on Friday, the first such investment by a Kuwaiti firm
Please note that the Registrar and Transfer Agents (RTA) of the Company has been changed with effect from 15th July, 2015, the new RTA of the Company is:
MCS Share Transfer Agent Ltd
F-65, 1st Floor, Okhla Industrial Area
Phase- I. New Delhi – 110020
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.
13/05/2009: Received environmental clea¬rance from the Union Ministry of Environment and Forests for 5.0 MMTPA capacity
This is to update that the trading of the equity shares of the Company has been suspended w.e.f 08thAugust, 2017. Upon enquiring with Bombay Stock Exchange, we were informed that the Securities and Exchange Board of India (SEBI) vide its letter bearing No. SEBI/HO/ISD/OW/P/2017/18183 dated 07th August, 2017 has forwarded a list of shell Companies as identified by Ministry of Corporate Affairs (MCA) with a direction to take some measures. This measure inter-alia includes moving the securities of those Companies, to GSM Framework under stage VI w.e.f August 08, 2017, in which trading in the securities of the company shall be permitted only once a month under trade to trade category. The aforesaid list as recommended by MCA contains the name of the Company, however the Company had no information, on what ground and basis, it has been moved to the list of shell Company by Ministry of Corporate Affairs and why such restrictions on the trading is being imposed. In this respect, the Company has written to BSE (keeping the SEBI in loop), requesting them to explain the basis/ground in the aforesaid matter.
We may kindly inform that the Company was undergoing assessments u/s 148 and 143 of the Income Tax Act, 1961 for the Assessment year 2008-09 and 2014-15, respectively. In context to the aforesaid assessments the respective orders dated 28.12.2016 and 29.12.2016 is obtained from the Income Tax Department, New Delhi on 02.02.2017. Vide aforesaid orders the department has raised a demand of Rs. 5,86,02,81,490/- for the A.Y. 2008 - 09 and Rs. 18, 30, 620 / - for the A.Y. 2014 - 15.The Company denies and disputes the orders as raised by the department in to - to, and is in the process of taking suitable legal measures as per the provisions of the Income Tax Act, 1961 and other legal provisions, based on the advice of the professionals / practitioners of the matter.
A notice of petition (Company Petition No. 850 of 2016) under Section 433(e) read with 434 and 439 of the Companies Act, 1956 for winding-up of the Company along with CA NOS. 3504/2016 (stay) and 3506/2016 (For appointment of OL) has been received to the Company on 08/11/2016, from M/s Karan Nirman Udyog Ltd, (petitioner). The said petition is fixed for further hearing in the Hon’ble Company Court, Delhi High Court on 27.03.2017. In context to the above the Company is taking suitable action based on the advice of legal expert.
In the meeting of the Board and its Audit Committee held on 06th November, 2015, the Company has identified and appointed Mr. Raman Mallick as the Chief Financial Officer (CFO) of the Company to take the position with immediate effect.
Ms. Rekha Srada, the Chief Financial Officer of the Company has resigned from the office w.e.f 29th July, 2015. The Company is in the process to identify suitable candidate as the Chief Financial Officer of the Company