Member Info for RobertW

I read the same article as jalaram191 and have now tracked down the url so that you can read the article for yourself. http://www.business-standard.com/india/news/navabharat-acquisition-is-transparent-says-essar-/485514/

Your first post states: Many thanks for your email and interest in Essar Energy. from whom was this email received from? If not confidential, would you be willing to post details of the email you sent to provide a complete picture please? Incidently how long did it take the sender to let you have such a detailed and balanced reply?

Special Resolution 15. Authority to purchase own shares should surely help stop the drop in SP which I reckon could be caused by this item http://www.4-traders.com/ESSAR-ENERGY-PLC-6167911/strategies-strategies/Wait-the-breakdown-of-GBp-100-level-31891/ lets hope that their target projection is never achieved! Not knowing much about charrts I have observed that circa 100p has held up well so far. I continue to hold this share in the hope that news items will soon turn in our favour.

I agree entirely with Bhajanbuffett. he has summed up my concerns about today in a nutshell. Furthermore, I decided to go back into the water and doubled my shareholding, purchasing at 103.30, since I am now of the opinion that we could well have reached the water shed - I hope I am right; but my gut feeling after today's court hearing, was that I should increase my shareholding now rather than later, albeit that I accept that this is a highly speculative share as demonstrated by the contrasting opinions imparted by members of this board.

Here is the Url to today's court order: http://courtnic.nic.in/supremecourt/temp/sc%202021612p.txt that reads: UPON hearing counsel the Court made the following O R D E R | Issue notice limited to the question as to whether the petitioners would be |liable for interest for the period from April, 2008 onwards on the tax |amount. The prayer for interim order will be considered on the next date. |List the matter on 12th September, 2012.

Here is the url to a news story on today's case: http://www.moneycontrol.com/news/business/essar-oil-seeks-5-yrs-to-clear-sales-tax-dues-to-guj-govt_750711.html It is encouraging to note that: The Supreme Court has said that both parties should decide if installment payment is feasible. The apex court is also to consider the issue of interest on sales tax on September 12 The Supreme Court Website itself has yet to be updated on the hearing today so unable to make any commercial decision on the outcome of today's proceedings yet.

I think that it is the uncertainties that is causing the drop in this share price making potential investors very, very wary. I personally will await the result of the tax case before I top up again. I suspect that this share could easily fall to just below £1.00 again but, if things go well in Court, although I accept that I will NOT be increasing my holding at the bottom, I am prepared wait and pay a premium to have the assurance that a major hurdle has been overcome and that a light can be seen at the end of the tunnel! Does anyone else share my concerns and what stance are they taking?

SUPREME COURT OF INDIA Case Status: See url http://courtnic.nic.in/supremecourt/temp/sc%202021612p.txt - now listed for 29th August.

Essar Energy investors told to vote down Indian billionaire chairman see url http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9490960/Essar-Energy-investors-told-to-vote-down-Indian-billionaire-chairman.html

Pudds, the verdict must have an impact on the share price. I continue to hold but in the UK I do not think that a court would rule that a debt should be paid in instalments it is either due or not due in full, lets hope it is different in India . As per the interest payable, that is subject to legal arguments having regards to all the circumstances and ESSR must have a 50-50 chance.

The Essar Oil Q1 loss at Rs 1400 cr appears to be also impacting on the share price. I read the second RNS issued today but this article sums it up perfectly: http://www.thehindubusinessline.com/companies/article3771193.ece

Mike this is the information they don't like: Essar had underlying gross debt (excluding working capital loans) of $6,217m and underlying net debt of $5,822m, down from $6,273m at March 31st, "which is in line with our plans", the group said. While underlying net debt was broadly unchanged, the improvement was mainly due toe the 10% depreciation of the rupee against the US dollar.

A` further informative article from Liverpool Daily Post following RNS see url: http://www.liverpooldailypost.co.uk/ldpbusiness/business-local/2012/08/14/essar-energy-delivers-solid-performance-99623-31619205/ The more public comments on statement the the better we can make rational decisions.

Good Article following this mornings RNS at url: http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=20294409 Appears gto be a mixed reaction - I will continue to hold until tax position is resolved which should surely impact shareprice one way or other.

Mike 29 I note that Jalaram didn't reply to your post directed at him. Here is an article that I think will help you understand the logic behind the decision better - ie Greater Flexibility: http://www.firstpost.com/business/essar-oil-to-exit-cdr-loan-facility-hopes-for-financial-flexibility-413259.html

Did this article prompt the fall to 108 first thing this morning? http://www.livemint.com/2012/08/09233157/Essar-firm-gets-notice-in-US-p.html I am pleased that it recovered strongly afterwards

Further news to the informative article posted by Matrimark on Tues 20.28: The Court date has been fixed for Aug 14th see url http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/bombay-high-court-to-hear-essar-ongc-case-on-august-14/articleshow/15319068.cms .

Today's RNS reads: July 31, 2012: Essar Energy plc [LSE: ESSR], the India-focused integrated energy company, today announced that its subsidiary Essar Oil Ltd has made an initial payment of Rs.10 billion (c.US$182 million) to the Gujarat Government in respect of the deferred sales tax liability from its Vadinar oil refinery of Rs.61.69 billion (c.US$1.12 billion). Essar Oil continues to pursue the matter of a schedule for repayment of the overall sales tax liability both by legal means and with the Government of Gujarat. Essar Oil announced on July 23 that it has secured a new credit facility with its Indian banks of up to Rs.50 billion (c.US$900 million) to meet the deferred sales tax liability as required. From that, I would think that we will get no news today and the RNS was issued for that specific purpose.

Mike see Essar Energy plc RNS Number : 8438H dated 17 July 2012. These are substantial liabilities; if ESSR are allowed time to pay them in instalments to the Government of Gujarat and the interest waived instead of them being payable immediately as the Government have demanded makes a huge difference. As per the share price impact, that is in the lap of the Gods - I have decided to HOLD and am keeping my fingers croosed.

Important day at Supreme Court is just 24hours away on (July 31 2012) .when Essar Oil seeks guidance from the Supreme Court on a repayment schedule and the waiver of interest in relation to the deferred sales tax liability of Rs.61.69 billion (c.US$1.12 billion). Shares should move one way or other pending the outcome, today is decision time by investors anticipating the outcome