Monday, July 25, 2011

Cals Refineries - Management Clarifies on Latest Developments



StockExplain interacted with Cals Refineries' (BSE: 526652) management recently, on the backdrop of new developments like West Bengal Government giving a firm deadline of September 2011 to complete financial closure (FC), and the CCEA approval still pending. The interaction happened on 22nd and 23rd July, in which some queries put forward by StockExplain was answered by Cals Refineries' management.

Our first query was with the published Zero Date of October 1st. Even with the new deadline for FC being in September, the Zero Date could technically accommodate it, and we had asked whether such an arrangement was being considered. Cals Refineries' stand is that they would be uncomfortable with such an inflexible scheduling, especially with the CCEA approval taking time.

Also Read: Cals Refineries Latest News on – SEBI, CCEA, FIPB, Hardt, EPCC, Bayernoil, West Bengal, SHP

StockExplain's second query was regarding the company's confidence to get the deadline extended, and what would be the extension they would ask for. Cals Refineries has replied that they have already officially requested for an extension of the deadline. Citing that they would require more flexibility, the request submitted to West Bengal Government is for an extension to March 2012.

Our next question was regarding the highest offices where they have taken up this issue - maybe with West Bengal's Chief Minister, Finance Minister, Industries Minister, and possibly the Finance Minister at Centre, who happens to be from West Bengal. The reply from Cals is in the affirmative, where they have clarified that the issue is now getting the proper attention of all the concerned authorities.

For our queries on other aspects of the project, Cals Refineries has replied that they would be coming out with a comprehensive update on the project's status, soon. Most probably, this will be in the form of a quarterly project status update to be filed at BSE.

3 comments:

  1. Great sir,god bless you

    Sunil

    ReplyDelete
  2. Stockask - Great effort and commitment - Thanks Amar

    ReplyDelete
  3. Appreciate your effort in getting to the bottom of this endless pit called Cals.
    Thanks for the update,and pls. keep up the good work.

    ReplyDelete