Pudds they did issue RNS25 Jun 2012 16:52
Essar Energy notes High Court order regarding sales tax petition
June 25 2012: Essar Energy plc [LSE: ESSR], the India-focused integrated energy company, today announced that the High Court of Gujarat hearing in relation to Essar Oil's writ petition seeking direction on repayment of sales tax has taken place today and the petition has not been favourably considered by the court.
Essar Oil has yet to receive a copy of the order, but once this has been received, Essar Oil plans to take appropriate legal action, including appealing the decision to the Supreme Court of India.
As previously announced, Essar Oil is also in advanced discussions with Indian lenders with regard to putting in place a c.US$ 1 billion (Rs. 50 billion) loan facility as a contingency measure for use in the event that the sales tax liability becomes payable immediately or that Essar Oil is not able to negotiate a satisfactory repayment schedule. We expect this facility to be finalised shortly.