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
In furtherance of our earlier intimations about the Assessment Order u/s 148 of the Income Tax Act, 1961 ('Act’) for the AY 2008-09 passed by Income Tax Department, New Delhi on 29th December, 2016 raising a demand of Rs. 5,86,02,81,490. The Company had filed before the Hon’ble Income Tax Appellate Tribunal (ITAT) against the order of CIT(A)-12, who had rejected our plea and contention in the in appeal No. 47/17-18, vide its order dated 25.09.2017. In context of the aforesaid, the Company had filed a Stay application before the Hon’ble ITAT for seeking stay of aforesaid demand of Rs. 5,86,02,81,490/- inclusive of interest. In this context the ITAT has passed the order dated 16.03.2018, (received to the Company on 28.03.2018), declaring the stay application as infructuous and has dismissed the aforesaid Stay Application in limine. For copy of Order please click here.
The trading of the equity shares of the Company has been suspended and shifted to GSM Stage VI level w.e.f 08th August, 2017, pursuant to the instructions/directions of SEBI vide their letter no. SEBI/HO/ISD/OW/P/2017/8183 dated 07th August, 2017. In context to the aforesaid and also after considering our submissions, the BSE has passed the order dated 23rd March, 2018, instructing the Company to perform Interim actions in terms of the said SEBI’s directions. For copy of Order please click here.
In furtherance to our previous intimations, w.r.t the Corporate Insolvency Resolution Process (CIRP), which was initiated against the Company by the order of the Hon’ble National Company Law Tribunal (NCLT), New Delhi Bench dated November 23, 2017. Please note that Mr. Rakesh Kumar Jain (having IP No.- IBBI/IPA-002/IP-N00053/2017-18/10105), has been appointed as Resolution Professional (RP) by the order of the Hon’ble NCLT dated 16.01.2018 and 29.01.2018, in the place of Mr. Gulshan Kumar Gupta (IBBI/IPA-001/IP-P00021/2016-17/10046), (i.e. the previous Resolution Professional). The Contact Detail of Mr.Rakesh Kumar Jain, RP is Mob.No.: -+917011046284, Email: email@example.com.