SEBI Uncovers Cals Refineries' US$ 92 Million Unlawful Gains from GDR Issuance, Orders Recovery with Interest.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Unjust/ unlawful gains to the tune of US$ 92 million - violations noticed by SEBI relating to the issue of Global Depository Receipts (“GDRs”) by Cals Refineries Limited (“Cals”), a listed Indian company - the appellants have made unjust/ unlawful gains to the tune of US$ 92 million beyond any doubt - Recovery of amount alongwith interest confirmed.....