WTM/SR/ISD/27/2013 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI CORAM: S. RAMAN, WHOLE TIME MEMBER ORDER Under sections 11, 11B and 11(4) of the Securities and Exchange Board of India Act, 1992 read with Regulation 11(1) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, in the matter of Cals Refineries Ltd.
ad interim ex-parte
Order dated September 21, 2011 (hereinafter referred to as "
"), Securities and Exchange Board of India (hereinafter referred to as "
") directed Cals Refineries Ltd (hereinafter referred to as "
") 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 view of the irregularities observed in the issuances of Global Depository Receipts (hereinafter referred to as "
") of Cals. The aforementioned Interim Order was confirmed on December 30, 2011 (hereinafter referred to as "
Cals filed an appeal (
Appeal No. 153 of 2013
), before the Hon’ble Securities Appellate
Tribunal (hereinafter referred to as "
"). The Hon’ble SAT disposed of the appeal
vide its Order dated August 28, 2013, stating that
"final order after issuing show cause notice and after hearing the appellant would be passed within a period of eight weeks from today."
Consequent to the above
mentioned Order of the Hon’ble SAT, SEBI issued a Show
Cause Notice (hereinafter referred to as "
") dated September 19, 2013, to Cals, based on the findings of its investigation in the matter of market manipulation using GDR Issues. The allegations against Cals in the SCN were
As the authorised signatory of Cals, Sarvesh Goorha (Promoter and Director of Cals) (hereinafter referred to as "
Account Charge Agreement