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Jul 12, 2012, 08.23 AM IST
The core group of the CDR cell on Essar Oil is likely to have a meeting on June 29. The core group will decide if Essar Oil should be allowed to exit the CDR cell, reports CNBC-TV18's Gopika Gopakumar quoting sources.
It’s nearly after two years that the crore group of CDR Cell is meeting. This core group consists of the members of the CDR cell which includes SBI, Punjab National Bank, Bank of Baroda, Bank of India among others. They will be deciding if Essar Oil should be allowed. The company's exit plan got delayed because of various reasons including the Gujarat High Court slapping a tax liability of Rs 6,300 crore on the company. It was also over the lack of consensus between the bankers and the company over how much compensation that it has to pay bankers to exit CDR. The company has to pay a recompense or a compensation to bankers. It’s a form of sacrifice amount which the bankers took and therefore the company has to compensate the banks for that. There has been a lack of consensus. Bankers have been asking for say a recompense of around Rs 800 crore from the company, but the company has only provided around Rs 322 crore in the Q4 last year. So there is a clear lack of consensus on that issue and clearly that would also be played out during the meeting tomorrow when the matter will be taken up. Also watch the accompanying video.
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