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Cals Refineries Ltd has informed BSE that pursuant to the postal ballot exercise conducted by the Company and Mr. M V Sreenivas, scrutinizer appointed by the Company for this purpose, has reported that the special resolution set out in the postal ballot notice dated May 12, 2008 regarding the change in control of the Company in favour of Spice Energy group represented by SRM Exploration Pvt Ltd and its affiliates, in place of Mr. Sarvesh Goorha, the existing Promoters and other Persons acting in concert as defined under Securities and Exchange Board of India (Substantial Acquisition of Share and Takeovers) Regulations, 1997 has been passed by the members of the Company.

Cals Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the Special Resolution for change in control of the Company in favour of Spice Energy group represented by SRM Exploration Pvt Ltd and its affiliates, in place of Mr. Sarvesh Goorha, the existing Promoters and other Persons acting in concert as defined under Securities and Exchange Board of India (Substantial Acquisition of Share and Takeovers) Regulations, 1997.

Cals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 12, 2008 to approve Audited Financial Result for the period ended March 31, 2008 and to convene the 24th Annual General Meeting and to decide the period for which the register of Members and share Transfer Book will remain closed.

The Board will also consider the allotment of shares on preferential basis as per SEBI guideline and issue of Postal ballot seeking approval of the members of change in control.

Cals Ltd has informed BSE that the members of the Company by way of Postal Ballot, have passed the following special resolutions, with overwhelming majority:

1. Change of Name from “Cals Refineries Ltd” to “Cals Ltd”.

2. Splitting of 1 Equity Shares of Rs 10 to 10 Equity Shares of Rs 1/-.

3. Alteration of Articles related to Authorised Capital.

4. Alteration of Articles of Association.

5. Appointment of Mr. Manabendra Guha Roy, Whole Time Director designated as Chief Executive Officer.

6. Delisting of Securities from Ahmedabad and Delhi Stock Exchanges.