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.
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.