ESSAROIL

Essar Oil Limited has informed the Exchange that pursuant to the provisions of section 394 of the Companies, Act, 1956 the Hon'ble High Court of Gujarat at Ahmedabad has sanctioned a Scheme of Amalgamation of the 100% subsidiary, Essar Oil Vadinar Ltd. with the Company. Certified true copies of the orders sanctioning the scheme have been issued by the Hon'ble Court on May 13, 2010.

Essar Oil Limited has informed the Exchange that at a meeting of the Board of Directors of the Company held on March 04, 2009, the following business was transacted: [1] Merger of 100% subsidiary with the Company: Approval was granted for a Scheme of Amalgamation of its 100% subsidiary, Essar Oil Vadinar Ltd. with the Company under the provisions of sections 391 to 394 of the Companies Act, 1956. [2] Withdrawal of Shri N S Kannan as Nominee of ICICI Bank Ltd: The withdrawal by ICICI Bank Limited, of its nominee, Shri N S Kannan, from directorship of the Company was noted end taken on record.

Essar Oil Limited has informed the Exchange that "Essar Energy Overseas Ltd a subsidiary of Essar Oil Limited has entered into an agreement to acquire 50% stake in Kenya Petroleum Refineries Ltd. ("KPRL"), a 4 million metric tonnes per annum (MMTPA) refinery in Mombasa, Kenya. The Government of Kenya holds the remaining 50% of KPRL. Essar will acquire the stake from the existing shareholders - Shell, Chevron and BP. Subject to certain conditions, the acquisition is expected to complete in early 2008. The Mombasa refinery is the only refinery in Eastern Africa. It currently produces LPG, gasoli

Essar Oil Limited has informed the Exchange that the Hon'ble High court of Gujarat at Ahmedabad has santioned Scheme of Arrangement and Compromise between the Company and its Scheme lenders. The Court has fixed April 13, 2006 as the Record date for determining the entitlement of the Scheme Lenders to receive the option letter as provided in the scheme. The Record date fixed by the court is only for determining entitlement of Scheme lenders to receive option letters under the scheme and not for payment of any interest/principal. The Scheme of arrangement is in the nature of restructuring of de

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 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 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