IOC - Limited Review for the quarter ended Sep 30, 2007

Indian Oil Corporation Ltd (IOC) has informed BSE that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:

"The Auditors have relied on the Management's representation that :

The Company shall be receiving Special Oil Bonds from Government of India aggregating to Rs 6362.25 crore for the period April-September 2007 as per the advice from Ministry of Petroleum & Natural Gas. Pending actual issuance of Bonds, the Company has accounted for the same as grants. (Refer note no 4 of the published results.)".