Markets regulator Sebi has imposed fine totalling nearly Rs 17 crore on Cals Refineries, its officials and one entity in a matter relating to manipulation in the issuance of global depository receipts (GDRs). Cals Refineries had issued 78.8 lakh GDRs amounting to $200 million and the issue had closed on December 12, 2007.
Cals Refineries was initially engaged in the business of developing bilingual computer systems and later diversified into the refining / petrochemical business.
