What does CALS Refineries Limited do?

CALS Refineries Limited is registered as an oil refining and petrochemicals company, incorporated in 1984 in New Delhi. However, its extremely low share price of ₹0.01 suggests the company is likely inactive or dormant with no significant refining operations currently.

Is CALS Refineries Limited operational?

Based on the available data, CALS Refineries Limited's share price of ₹0.01 strongly suggests the company is either dormant, financially distressed, or not conducting active commercial operations. No revenue or operational data is publicly available.

When was CALS Refineries Limited incorporated?

CALS Refineries Limited was incorporated in 1984 and is registered under CIN L51909DL1984PLC018775, based in New Delhi, Delhi.

Where is CALS Refineries Limited registered?

CALS Refineries Limited is registered at 209, 2nd Floor, Suneja Tower-II, District Centre, Janakpuri, New Delhi, as indicated by its public filings.

How do I buy CALS Refineries unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for CALS Refineries?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell CALS Refineries shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

CALS Refineries Unlisted Share Price | Buy CALS Refineries Pre-IPO Shares — wisefolio

Investment Thesis

CALS Refineries Limited is under liquidation with no business operations — the proposed refinery was never built. SEBI sanctions, funding failures, and litigations ended all activity. Equity value nil.

Pros

ISIN INE040C01022 confirmed; L-prefix CIN (L51909DL1984PLC018775) — was listed on exchanges.
Proposed crude oil petroleum refinery project — if ever revived, refining is a high-value infrastructure segment.

Cons

Under Liquidation — no business operations; revenue under ₹1 Cr in last filed FY2016.
SEBI regulatory sanctions severely impacted ability to raise capital; project implementation permanently stalled.
Multiple litigations and lack of funding mean the refinery project was never built.
No operations for 9+ years; equity shareholders face near-zero recovery in liquidation.

Business Segments

Crude Oil Refinery (Proposed — Never Built)

Company incorporated to set up a crude oil petroleum refinery; project never implemented due to funding failure and SEBI sanctions.

Revenue Model

CALS Refineries Limited is registered in the oil refining sector, which would typically involve processing crude oil into petroleum products. However, given the ₹0.01 share price, active revenue generation appears highly unlikely at present.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds6

Growth Plans

Potential asset monetization if the company holds any registered petroleum assets or licenses

Reverse merger or restructuring that could revive the entity under new management

Industry Tailwinds

Potential asset monetization if the company holds any registered petroleum assets or licenses

Reverse merger or restructuring that could revive the entity under new management

Recent Developments

CALS Refineries share price at ₹0.63 — liquidation ongoing

CALS Refineries shares trade at approximately ₹0.63 per share as of March 2026, with liquidation proceedings ongoing under IBC. Recovery for equity shareholders is extremely unlikely given priority of creditor claims.

March 2026

NCLT orders liquidation of CALS Refineries

The National Company Law Tribunal passed a liquidation order on 10 June 2019, following CIRP initiated in May 2018. The company had no viable resolution plan submitted by eligible resolution applicants.

June 2019

Comparable Companies

CompanyTypeTickerMkt Cap

Hindustan Petroleum Corporation LimitedListed oil refining and marketing company — contrast for what a successful refining operation looks likeListed PSU (NSE: HINDPETRO)——

Chennai Petroleum Corporation LimitedListed mid-sized refining company — sector referenceListed (NSE: CHENNPETRO)——

Hindustan Petroleum Corporation LimitedListed PSU (NSE: HINDPETRO)

Listed oil refining and marketing company — contrast for what a successful refining operation looks like

Chennai Petroleum Corporation Limited

Frequently Asked Questions

About CALS Refineries

CALS Refineries Limited is a Delhi-based oil refining and petrochemical company incorporated in 1984 (CIN: L51909DL1984PLC018775) that is currently under liquidation under the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT) passed the liquidation order on 10 June 2019, following the initiation of the Corporate Insolvency Resolution Process (CIRP) on 30 May 2018. CALS Refineries was a listed company (BSE: 526652) that envisioned establishing oil refining capacity in India. The company's business model was centred on petroleum refining and petrochemical production, targeting a segment that has historically required massive capital investment and long development timelines. However, the company faced severe headwinds from regulatory challenges, lack of funding, and extensive litigation, ultimately leading to SEBI imposing regulatory sanctions that significantly impaired the company's ability to raise capital. The company's stock was trading at approximately ₹0.63 per share as of March 2026, reflecting the near-zero recovery prospects in a liquidation scenario. Shares of companies under liquidation technically still exist but the probability of meaningful shareholder recovery after repayment of secured creditors, unsecured creditors, and liquidation costs is typically extremely low. SEBI imposed regulatory sanctions on the company for violations that prevented it from accessing capital markets, compounding its financial difficulties. The combination of over-leveraged capital structure, inability to achieve commercial refining operations, regulatory constraints, and ultimately IBC proceedings makes CALS Refineries one of India's prominent corporate liquidation cases in the energy sector.

Key Milestones

Incorporated July 25, 1984 in West Delhi (CIN: L51909DL1984PLC018775)

Common questions about unlisted shares

How do I buy CALS Refineries unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

CALS Refineries Limited

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