Final Order of SEBI 24 Oct 2013 16:52 Cals Refineries Ltd has informed BSE that 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 October 23, 2013 mainly states that: - Cals shall not issue equity shares or any other instrument convertible into equity shares or any other security, for a period of ten years. - 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. The Company is further planning to take a suitable action against the above mentioned order of SEBI.
Posted on: Mon, 11 Nov 2013 17:16:52 +0000