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
Appointment of Insolvency Resolution Professional (in short 'IRP') - In reference to the disclosure dated 25.11.2017, wherein we had intimated about the Order of Hon’ble National Company Law Tribunal (NCLT), New Delhi. In said order, Insolvency and Bankruptcy Board of India (IBBI) was instructed to recommend the name of Insolvency Resolution Professional (IRP) to be appointed in this case. The Hon’ble NCLT has received recommendation in the name of Mr. Gulshan Kumar Gupta and has appointed him as the IRP of the Company. Further the NCLT has directed the IRP to submit its first report to the Hon'ble Bench by the next date of hearing, i.e., on 16th January, 2018.
In reference to the disclosure dated 17.10.2017, wherein we had intimated that the Company has received a notice for filing a petition under section 9 of the Insolvency and Bankruptcy Code, 2016, to Hon’ble National Company Law Tribunal (NCLT), New Delhi by M/s Seth Thakurdas Khinvraj Rathi (a partnership firm). The hon’ble NCLT in the aforesaid matter has issued its order dated 23.11.2017, allowing the petition against the Company and has referred to Insolvency and Bankruptcy Board of India (IBBI) to recommend the name of IRP to be appointed in this case within 10 days of the communication of their order. The matter is listed on 07th December, 2017 for awaiting recommendation of the proposed IRP by the IBBI.
In furtherance to the Assessment Order dated 28th December 2016, w.r.t the assessment proceedings u/s 148 of the Income Tax Act, 1961 for the Assessment Year 2008-09, in which the department had raised a demand of Rs. 5,86,02,81,490/-. The Company had filed an appeal against the said order before Commissioner of Income Tax (Appeals) [“CIT (Appeals)”], New Delhi on 02nd March, 2017. The CIT (Appeals), New Delhi vide its’ Order dated 25th September, 2017, which is received to the Company, on 09th November, 2017, has upheld the order of the ACIT (Income Tax Department) and dismissed the appeal of Company. The Company is in process of taking suitable legal measures as per the applicable provisions of the Income Tax Act, 1961 and other legal provisions, based on the advice of the professionals/practitioners of the matter.