ESSAROIL

Essar Oil Limited has informed the Exchange that Essar Investments Ltd. has acquired 53,000,000 shares aggregating to 4.89% of the share capital of Essar Oil Limited on March 30, 2006. The mode of acquisition is through Interse transfer between Promoters u/s 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the shareholding of Essar Investment Ltd. after the said acquisition is 78,516,116 shares aggregating to 7.25% of the share capital of Essar Oil Limited.

Essar Oil Limited has informed the Exchange that Essar Investments Ltd. has acquired 53,000,000 shares aggregating to 4.89% of the share capital of Essar Oil Limited on March 29, 2006. The mode of acquisition is through Interse transfer between Promoters u/s 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the shareholding of Essar Investment Ltd. after the said acquisition is 78,516,116 shares aggregating to 7.25% of the share capital of Essar Oil Limited.

Essar Oil Limited has informed the Exchange that the Hon'ble High Court of Gujarat at Ahmedabad has passed orders sanctioning Scheme of Arrangement and Compromise between the Company and its Scheme lenders.

Essar Oil Limited has informed the Exchange that the Company had filed petition on August 11, 2005 for confirmation of the proposed Scheme of Arrangement and Compromise between the Company and Scheme lenders under section 391 of the Companies Act, 1956, which was approved by the Scheme lenders at a court convened meeting held on August 09, 2005. In deference to the wishes of the Scheme lenders, the Company has now proposed modification to the Scheme by way of providing option for expeditious payment of dues upto certain amount. The copy of option now proposed to be offered to Scheme lenders, s

Essar Oil Limited has informed the Exchange that at a meeting of the BODs of the Company held on January 31, 2006, the Board noted the appointment of Shri Sanjeev Ghai as Nominee Director of IFCI Limited in place of Shri Sanjoy Chowdhury.

Essar Oil Limited has submitted to the Exchange a copy of the proceedings of the AGM of the members of the Company held on September 30, 2005 alongwith the Chairman's speech. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Essar Oil Limited has informed the Exchange that the members have inter-alia among other business, approved the following proposals. 1) issue/allotment of FCCBs/GDRs/ADRs/any other financial instruments, convertible into equity shares, in the International market to the promoters/nominees on Preferential Issue basis for an amount not exceeding US$ 300 million. 2) Alteration in the Articles of Association of the Company which include increase in the maximum strength of the BODs from 13 to 15.

Essar Oil Limited has informed the Exchange that Shri Anshuman S Ruia has been appointed as Director of the Company at a meeting of the BODs held on September 30, 2005.

Essar Oil Limited has informed the Exchange that Vadinar Power Company Limited (VPCL) a wholly owned subsidiary of Essar Oil Limited (EOL) is setting up a 77 MW captive co-generation power plant in Vadinar, Distt, Jamnagar, Gujarat for supply of Power and Steam to 10.5 million tonne EOL refinery being set up at Jamnagar, Gujarat. The captive co-generation project achieves financial closure with common loan agreements and security documents for the project being signed by the lenders to the said power project. PFC is the lead financial institution and shall provide a loan of Rs.270 crores. The

Essar Oil Limited has informed the Exchange that the BODs have noted the appointment of Shri K. Sridhar as Nominee Director of Life Insurance Corporation of India, on the Board of the Company. Shri K. Sridhar is currently Managing Director of Life Insurance Corporation of India.

Essar Oil Limited has informed the Exchange that the date for holding the AGM has been rescheduled from September 29, 2005 to September 30, 2005.

Essar Oil Limited has informed the Exchange that at a meeting of the BODs of the Company held on August 25, 2005, the following business were transacted: 1) Proposal to seek approval of members for issue of FCCBs/ GDRs / ADRs etc - The BODs decided to seek approval of the members at the ensuing AGM for issue of FCCBs / GDRs / ADRs or other convertible financial instruments outside India on preferential issue basis for an amount not exceeding US$ 300 million. 2) Alteration in Articles of Association of the Company - The BODs decided to increase the maximum strength of Directors from 13 to 15 an

Essar Oil Limited has submitted to the Exchange a copy of the transcript of the 'Notice of Petition', regarding hearing date of the Petition, published and advertised on August 17, 2005, as per the directions given by the Hon'ble High Court of Gujarat at Ahmedabad vide its Order dated August 12, 2005, in respect of the Schemes of Arrangement and Compromise u/s 391 of the Companies Act, 1956 with Scheme Lenders. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Essar Oil Limited had informed the Exchange about the approval of Scheme of Arrangement and Compromise (with modification) between the Scheme Lenders and the Company at Court convened meeting of Scheme Lenders held on August 09, 2005. The Company has now informed the Exchange that the Company has filed petition on August 11, 2005 with the Honorable High Court of Gujarat seeking confirmation of the said scheme.

Essar Oil Limited has informed the Exchange that as directed by the Honorable High Court of Gujarat the meeting of the Scheme Lenders was held on August 09, 2005 at the registered office of the Company. The said meeting approved the Scheme of Arrangement and Compromise with modification with requisite majority in number and value of votes.

Essar Oil Limited has informed the Exchange that the Court convened meeting of Scheme Lenders to consider the Scheme of Arrangement and Compromise ordered to be held on July 28, 2005 and rescheduled to August 02, 2005, is now further rescheduled to August 09, 2005 as per the order passed by the Hon'ble High Court of Gujarat on August 01, 2005. A copy of the notice published on August 02, 2005, shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Essar Oil Limited has informed the Exchange that in terms of the SEBI(Delisting of Securities)Guidelines,2003 the Company had applied for voluntary delisting of its equity shares from The Saurashtra Kutch Stock Exchange Ltd. The Stock Exchange has confirmed delisting of the shares with effect from March 31, 2005.

Essar Oil Limited had informed the Exchange about Court convened meeting of scheme lenders of the Company to be held on July 28, 2005 for considering a scheme of arrangement and compromise under section 391 of the Companies Act, 1956.The company has now informed the Exchange that this meeting of the scheme lenders has been rescheduled to August 02, 2005.

Essar Oil Limited has informed the Exchange that the Hon'ble High Court of Gujarat at Ahmedabad by an Order made on June 30, 2005 has directed that a Meeting of the Scheme Lenders of Essar Oil Ltd. be held on July 28, 2005 for the purpose of considering and, if thought fit, approving with or without modification, the arrangement embodied in the Scheme of Arrangement and Compromise between Essar Oil Limited and its Scheme Lenders (the "Scheme"). The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Se

Essar Oil Limited has informed the Exchange that the Company wishes to issue the following clarifications pertaining to the company's exploration activities: 1) The Production Sharing Contract (PSC) for Ratna Project, an offshore field, is yet to be signed with Government of India and other parties and there has been no significant development in this regard as per company's knowledge. The share of hte Company in this field remains at 50%. 2) As regards Mehsana Onshore block in Gujarat, as per the commitment made by the company in the PSC the company was required to drill 3 exploratory wells i

Essar Oil Limited has informed the Exchange that persuant to order passed by the Hon'ble Gujarat High Court dated June 30, 2005 a meeting of the scheme lenders of the Company has been convened on July 28, 2005

Essar Oil Limited has informed the Exchange that the adjourned meeting of the holders of fully paid 14% Secured Redeemable Non-convertible Debentures of Rs.105/- each holding more than 2000 Debentures was held on June 25, 2005 and at the said meeting the Company informed about not pursuing the scheme in respect of debenture holders holding more than 2000 debentures in view of the scheme proposed for Scheme Lenders including debenture holders holding more than 2000 debentures. The Company has further informed that the scheme in respect of debenture holders holding more than 2000 debentures was

Essar Oil Limited has informed the Exchange that the Board of Directors has noted appointment of Dr. G Goswamy as Nominee Director of Industrial Development Bank of India Limited, on the Board of the Company, replacing Shri R Jayaraman Iyer.

Essar Oil Limited has informed the Exchange that in terms of the FCCB Issue aggregating to US$ 207 million, FCCB holders holding FCCB's aggregating to US$ 41 million have exercised the option to convert the FCCBs into GDS. Accordingly, the Company has on June 17, 2005, issued and allotted further 144,279,000 equity shares of Rs.10/- each (face value) fully paid up in favour of the overseas Depository, The Bank Of New York, which are represented by 943,000 GDS. The Company proposes to list the GDS with Luxembourg Stock Exchange, in near future.

Essar Oil Limited has informed the Exchange that the Hon'ble High Court of Gujarat at Ahmedabad had directed that a meeting of a class of creditors comprising of the holders of Fully Paid 14% Secured Redeemable Non-Convertible Debentures of Rs.105/- each holding more than two thousand debentures of the Essar Oil Limited be convened for the purpose of considering, and if thought fit, approving, with or without modification(s), the Arrangement / Compromise proposed to be made between the said company and the class of creditors comprising of the holders of Fully Paid 14% Secured Redeemable Non Co

Essar Oil Limited has informed the Exchange that the company has on May 07, 2005 signed Production Sharing Contract with Myanmar government for oil exploration for two Blocks, one for onshore and the other for offshore exploration. A note giving details of the contracts shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Essar Oil Limited has informed the Exchange that the adjourned meeting of the holders of fully paid 14% Secured Redeemable Non-convertible Debentures of Rs.105/- each holding more than 2000 Debentures was held on April 28, 2005 and then adjourned to June 25, 2005.

Essar Oil Limited has informed the Exchange regarding the international offering of Foreign Currency Convertible Bonds (FCCBs) and allotment of FCCBs aggregating to US$166 million for part financing the cost of the 10.5 MMTPA Oil Refinery Project being set-up at Vadinar, District Jamnagar in the State of Gujarat. The Company has further informed that pursuant to a Greenshoe option under the FCCB Issue offering, the Greenshoe Option has been exercised and the Company has allotted on April 15, 2005, additional 41,000 FCCBs each of US$ 1,000, for cash at par, aggregating to US$41,000,000 (United

Essar Oil Limited has informed the Exchange that the Hon'ble High Court of Gujarat at Ahmedabad had directed a meeting to be held of a class of creditors comprising of the holders of Fully Paid 14% Secured Redeemable Non-Convertible Debentures of Rs.105/- each holding more than two thousand debentures of the Essar Oil Limited for the purpose of considering, and if thought fit, approving, with or without modification(s), the Arrangement / Compromise proposed to be made between the said company and the class of creditors comprising of the holders of Fully Paid 14% Secured Redeemable Non Converti

Essar Oil Limited has informed the Exchange that the Company had applied for voluntary delisting of its equity shares from The Delhi Stock Exchange Association Ltd. The Stock Exchange has confirmed delisting of the securities with effect from March 31, 2005.

Essar Oil Limited has informed the Exchange that the auditor's have conducted the limited review for the unaudited financial results for the quarter ended December 31, 2004 and found the same to be in order subject to certain observations. The auditor's observations are: The borrowing costs for the Refinery Project have been shown under "Expenditure during Construction" as the accounting effect to the relief envisaged in the debt restructuring package ("the package"), the debenture schemes ("the schemes") and consequential allocation of effective borrowing costs in accordance with Accounting S

Essar Oil Limited has informed the Exchange that the Company had allotted Foreign currency Convertible bonds(FCCBs),convertible into equity shares, having an aggregate value of US$ 166 million. In compliance with the terms of the Offering Circular to the above FCCB issue, the company has established a Global Depository Share (GDS) programme, giving option to the FCCB holders to convert the FCCBs into GDS in addition to the original option to convert directly into equity shares. As per the terms of the issue, 1 FCCB of US$1,000 each is convertible into 3519 equity shares of the Company. With th

Essar Oil Limited has informed the Exchange that in terms of the SEBI(Delisting of Securities)Guidelines,2003 the Company had applied for voluntary delisting of its equity shares from Madras Stock Exchange Limited and The Stock Exchange, Ahmedabad. Both the Stock Exchanges have confirmed delisting of the shares with effect from March 31, 2005.

Essar Oil Limited has informed the Exchange that with regards to implementation of the Schemes of Arrangement / Compromise with debenture holders u/s 391 of the Companies Act, 1956 which have been sanctioned by the Hon'ble Gujarat High Court vide orders dated October 07, 2004, the Company has submitted to the Exchange a copy of the Notice to Debenture Holders published on march 04, 2005. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Essar Oil Limited has informed the Exchange that the adjourned meeting of the holders of fully paid 14% Secured Redeemable Non-convertible Debentures of Rs.105/- each holding more than 2000 Debentures was held on February 23, 2005 and then adjourned to April 28, 2005.

News Verification : The press had reports on February 10, 2005 that Essar Oil Limited has begun work on the 9m tonne refinery project at Jamnagar. The project has finally achieved financial closure and equipment has started arriving at the site.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 Oil Limited has vide its letter inter-alia stated, "We would like to clarify that the news item is not emanating from th

News Verification : The press had reports that Essar Oil Limited has begun work on the 9m tonne refinery project at Jamnagar. The project has finally achieved financial closure and equipment has started arriving at the site. 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 Oil Limited.

Essar Oil Limited has informed the Exchange that the Hon'ble High Court of Gujarat at Ahmedabad had directed a meeting to be held of a class of creditors comprising of the holders of Fully Paid 14% Secured Redeemable Non-Convertible Debentures of Rs.105/- each holding more than two thousand debentures of the Essar Oil Limited for the purpose of considering, and if thought fit, approving, with or without modification(s), the Arrangement / Compromise proposed to be made between the said company and the class of creditors comprising of the holders of Fully Paid 14% Secured Redeemable Non Converti

Essar Oil Limited has informed the Exchange that the Board at its meeting held on January 28, 2005, noted the appointment of Shri N S Kannan as nominee director of ICICI Bank Limited in place of Shri R Kannan.

Essar Oil Limited has informed the Exchange that the adjourned meeting of the holders of fully paid 14% Secured Redeemable Non-convertible Debentures of Rs.105/- each holding more than 2000 Debentures was held on December 23,2004 and then adjourned to February 23,2004.

Essar Oil Limited had informed the Exchange that there was a typographical error in the date of the adjourned meeting of debenture holders. The date of adjourned meeting should be read as February 23,2005 instead of February 23,2004 as intimated earlier.The revised broadcast message is as follows: The adjourned meeting of the holders of fully paid 14% Secured Redeemable Non-convertible Debentures of Rs.105/- each holding more than 2000 Debentures was held on December 23,2004 and then adjourned to February 23,2005.

Essar Oil Limited has informed the Exchange that the BODs of the company at their meeting held on December 13,2004,has approved and accepted the comprehensive revised debt restructuring package of the Company, approved by the Corporate debt Restructuring Cell of lenders, which inter-alia provides for restructuring of the existing loans and sanction of additional financial assistances by lenders to the Refinery Project. The Company is likely to execute the Master Restructuring Agreement (consolidated Loan Agreement) and other related documents with the lenders shortly. The Board has also taken

Essar Oil Limited has informed the Exchange that the auditor's have conducted the limited review for the unaudited financial results for the quarter ended September 30, 2004 and found the same to be in order subject to certain observations. The auditor's observations are: The borrowing costs for the Refinery Project have been shown under "Expenditure during Construction" as the effect to the relief envisaged in the debt restructuring package ("the package"), the debenture schemes ("the schemes") and consequential allocation of effective borrowing costs in accordance with Accounting Standard 16

Essar Oil Limited has informed the Exchange that in compliance with the terms of the court orders sanctioning the schemes of arrangement/compromise with debenture holders, the company is in the process of posting letters for exercise of option to the Holders of fully paid 14% Secured Redeemable Non Convertible Debentures of Rs.105/- each holding 2000 or less than 2000 NCDs and to Holders of partly paid NCDs. The Company has further informed that the last date of receipt of option letter by the Company is December 15, 2004. A copy of the letters being posted by the company to the said category

Essar Oil Limited has informed the Exchange of the advertisement regarding posting of options letters to 14% Secured Redeemable Non Convertible Debenture holders. The company has stated that in the notice it was mentioned that if the debenture holders do not receive the option letter by November 20, 2004, they should contact the transfer agents of the company M/s. Sharepro Services. The company has now stated that the date of receiving the options letter should be read as November 25, 2004 instead of November 20, 2004.

Essar Oil Limited has informed the Exchange that in compliance with the terms of the court orders sanctioning the schemes of arrangement/compromise with debenture interest holders, the company is in the process of posting letter/intimation in respect of their dues in respect of 14% Secured Redeemable Non Convertible Debentures of Rs.105/- each. A copy of the letter being posted by the company to the said category of debenture holders shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncement

Essar Oil Limited has submitted to the Exchange a brief note on the terms of the following sanctioned schemes of arrangement: A) Scheme of Arrangement / Compromise sanctioned by the Gujarat High Court between debenture interest holders and the Company vide order dated October 07, 2004. B) Scheme of Arrangement / Compromise sanctioned by the Gujarat High Court between holders of partly paid debentures and the Company vide order dated October 07, 2004. C) Scheme of Arrangement / Compromise sanctioned by the Gujarat High Court between holders of fully paid debentures holding 2000 or less than 200

Essar Oil Limited has informed the Exchange regarding Schemes of Arrangement/Compromise with following categories of Debenture holders u/s 391 of the Companies Act, 1956 viz: 1) Holders of fully paid 14% Secured Redeemable Non Convertible Debentures of Rs.105/- each holding 2000 or less than 2000 debentures. 2) Holders of partly paid 14% Secured Redeemable Non Convertible Debentures of Rs.105/- each on which calls are in arrear. 3) Debenture interest holders. The High Court of Gujarat at Ahmedabad has issued on October 28, 2004 certified true copies of orders dated October 07, 2004 sanctionin

Essar Oil Limited has informed the Exchange that the adjourned meeting of the holders of fully paid 14% secured redeemable non-convertible debentures of Rs.105/- each holding more than 2000 debentures was held on October 26, 2004 at the registered office of the company and then adjourned to December 23, 2004.

Essar Oil Limited has informed the Exchange that the Hon'ble High Court of Gujarat at Ahmedabad had directed a meeting to be held of a class of creditors comprising of the holders of Fully Paid 14% Secured Redeemable Non-Convertible Debentures of Rs.105/- each holding more than two thousand debentures of the Essar Oil Limited for the purpose of considering, and if thought fit, approving, with or without modification(s), the Arrangement / Compromise proposed to be made between the said company and the Debenture holders of the company. The said meeting was to be held on May 6, 2003 and the same