The Company has informed the Stock Exchanges as under:
“This has reference to the corporate announcement dated February 9, 2007 made by the Company and clarifications sought by the Stock Exchange with regard to the termination of the Shareholders’ Agreement dated 14th October 1998 (SHA).
1.The SHA was executed between Unocal Bharat Limited (now renamed as Burren Shakti Limited) (BSL), Infrastructure Leasing & Financial Services Limited (ILFS), Housing Development Finance Corporation Limited (HDFC), Hardy Oil & Gas (Nederlands) B.V. to govern the terms of their relationship as shareholders of Hindustan Oil Exploration Company Limited (HOEC). HOEC was also a party to the SHA.
2.In September 2001, Hardy Oil & Gas (Nederlands) B.V. (then known as British Borneo Oil & Gas Nederlands B.V.) transferred its entire shareholding in HOEC and pursuant to such transfer ceased to be a party to the SHA in accordance with Article 9 of the SHA.
3.The remaining parties to the SHA namely; BSL, ILFS, HDFC and HOEC have mutually agreed to terminate the SHA and waive any rights they may have pursuant thereto.
4.An Agreement of Termination and Waiver has been duly executed terminating the SHA and recording that the SHA shall no longer have any force and effect or be binding upon the parties to the SHA.
5.Burren Shakti Limited continues to be the Promoter of HOEC after the said termination of the SHA.”