ESSARGUJ

Clarification of News : The press had reports on April 25, 2005 that that the High Court of justice, Queens Bench Division, Commercial Court of UK have decided a case against Essar Steel Limited filed by The Agro Fund Limited requiring company to pay the Fund $ 29.5 million with interest. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Essar Steel Limited has vide its letter inter-alia stated, "(1)The Company has f

Clarification of News : The press had reports that that the High Court of justice, Queens Bench Division, Commercial Court of UK have decided a case against Essar Steel Limited filed by The Agro Fund Limited requiring company to pay the Fund $ 29.5 million with interest. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Reply is awaited from Essar Steel Limited.

Members of the Exchange are hereby informed that the trading in equity shares of Essar Steel Ltd. shall be suspended w.e.f. April 25, 2005 (i.e. closing hours of trading on April 22, 2005) on account of Reduction of Share Capital.

Clarification of News : The press had reports that Essar Steel Limited may come out with a buy-back/open offer and the promoters might shore up their holding in the company. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Essar Steel Limited has vide its letter inter-alia stated, "With reference to the above we have to state that the article published in the press is totally speculative in nature."