CALS Refineries Limited is a public listed company, listed on the Bombay Stock Exchange (BSE) with the Scrip Code 526652.
CALS in the News
Cals Refineries Rs 1,425-Cr FDI Proposal Referred to Cabinet Panel
07-06-2011, New Delhi

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).

Italian tips for Cals Haldia project
03-04-2011, New Delhi

Italy's Saipem will prepare the feasibility report for Cals Refineries' proposed facility in Haldia.

Cals Refineries to get Kuwaiti funding
26-11-2010, New Delhi

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

Cash prop for Haldia project
26-11-2010, Calcutta

Kuwait's Kharafi Group has stepped in to save Bengal's second refinery project from its financial problems

Cals Refineries signs MoU with BPCL for petro product off-take
19-06-2009, Kolkata

Spice Energy Group company Cals Refineries and Bharat Petroleum Corporation (BPCL), a Navaratna PSU, have signed a memorandum of understanding (MoU) for off-take of petroleum products from Cals.

Environmental nod for Cals Refineries
28-05-2009, Kolkata

Cals Refineries, a part of the Spice Energy Group of industries, has received environmental clearance from the Union Ministry of Environment and Forests for its project in Haldia, West Bengal.

State delegates in team to Japan
19-03-2009, Kolkata

West Bengal has been invited by the Centre to be part of a delegation to Japan to attract investments for the three petrochemical, chemical and petroleum investment regions coming up in the country

Cals Refineries has ambitious plans
11-07-2008, New Delhi

While there is a lot of buzz surrounding the 27 million tonnes refinery of RIL at Jamnagar, another company is quietly building a refinery almost as big as the RIL refinery. This is Spice Energy's venture at Haldia called Cals Refineries

BP in talks with Indian start-up to supply crude
25-03-2008, Mumbai

Oil major BP Plc (BP.L) is in talks with Indian start-up CALS Refineries Ltd (CALS.BO) to supply crude oil and buy petroleum products, officials at the two firms said on Tuesday.

BP to Spice up refinery
24-03-2008, New Delhi

BP will enter into a strategic agreement to supply crude oil to Spice Energy for the 5-million-tonne refinery at Haldia being set up by CALS Refineries.

Company Information
The company is in the process of establishing a 200,000 BPSD (10 MMTPA) refinery at Haldia, West Bengal, India.






Milestones
  • 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.
Latest Developments
  • BNY Mellon, the Depository of GDRs of the Company, has issued a notice dated 08th April, 2014 for the termination of Deposit Agreement with the Company and instructed the holders of the DRs to convert their holdings into Equity shares on or before July 08, 2014. Please click here to see the notice.
  • The Securities and Exchange Board of India has issued an Order against the Company in the matter of 'Market Manipulation using GDR Issues.' The Order dated 23rd October, 2013 mainly states that:

    1. Cals shall not issue equity shares or any other instrument convertible into equity shares or any other security, for a period of ten years.

    2. Vide the Interim Order dated September 21, 2011 (later confirmed through the Confirmatory Order on December 30, 2011), Cals was directed not to issue equity shares or any other instrument convertible into equity shares or alter their capital structure in any manner till further directions. In this context, Cals has already undergone the prohibition imposed vide the Interim Order for a period of approximately two years. In view of this factual situation, it is clarified that the prohibition already undergone by Cals pursuant to the aforementioned SEBI Order shall be reduced while computing the period in respect of the prohibition imposed vide this order.Please click here to see the order.
  • The Company has received a Show Cause Notice dated 19th September, 2013 on 23rd September, 2013 from SEBI and filed a suitable reply to the regulator on 03rd October, 2013.
  • The SAT has, while disposing our Miscellaneous Application No.- 92 of 2013 in Appeal No.- 153 of 2013, further issued an order dated 10th September, 2013, duly recording the statement of the Counsel of SEBI that investigation in the case of Cals Refineries Limited has already been completed and adjudication order would be passed within the time stipulated by order of Tribunal dated August 28, 2013.
  • In the matter of our Appeal with the Securities Appellate Tribunal (SAT), for expediting the final order from SEBI in respect of the directions contained in its ex-parte order No. WTM/PS/ISD/02/2011, dated September 21, 2011 which was later confirmed vide order dated December 30, 2011.

    The Securities Appellant Tribunal (SAT) vide its order dated August 28, 2013, has admitted and disposed off our appeal contained Misc Application No. 87 of 2013 and Appeal No. 153 of 2013 and has directed SEBI to issue final orders after issuing show cause notice to the Company, with in a period of eight weeks from the date of the order, failing which the ex-parte order dated September 21, 2011 and the confirmatory order dated December 30, 2011 shall stand vacated. Please click here to see the order.
  • The Company has been prevented from issuing new equity shares in any form by SEBI's ex-parte order, dated September 21, 2012 which was later confirmed vide order dated December 30, 2011. The Company has been regularly following up with SEBI and has submitted all the information called for by SEBI for early completion of the investigations. The final order from SEBI is yet to be received. Taking note of the fact that considerable period of time has elapsed since the passing of the ex-parte interim order in September 2011, The Company has now filed an Appeal with the Securities Appellate Tribunal (SAT), for expediting the final order or for annulling the directions in the interim order.