GULFOILCOR

Gulf Oil Corporation Limited has informed the Exchange that: "The Company had filed special leave petition in the supreme court against the impugned order dated 11.4.2006 of the orissa High Court, wherein the transaction for movement of goods from Rourkela factory in Orissa to Coal India Limited through the Company's consignment agents outside the State was held as inter-state sale, for the assessment years 1976-77 to 1983-84, 1989-90 and 1990-91. The supreme Court has disposed the SLP vide its order dated 16.11.2007 and upheld the earlier order of the Orissa high Court. The Court has ordered

Gulf Oil Corporation Limited has informed the Exchange that the auditors have conducted the limited review for the un-audited financial results for the quarter ended September 30, 2007 and found the same to be in order subject to certain observations. The auditor's observations are: "Deferred tax assets as at 30th September, 2007 include Rs. 791 lakhs arising on account of brought forward business losses; we are unable to take a view, in the absence of sufficient taxable profit, on the appropriateness of carrying the aforesaid deferred tax asset".

Gulf Oil Corporation Limited has informed the Exchange regarding a press release dated November 26, 2007, titled "Gulf Oil Corporation received approval for development of Real Estate Asset in Bangalore". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).<a href=/content/corporate/Gulf_PR_26112007.zip target=NEW> For more details click here.</a>