Essar Oil bank accounts released

Essar Oil said it had been informed by the office of Assistant Commissioner of Commercial Tax, Jam Khambaliya, Gujarat, of release of its bank accounts frozen on July 9. This follows Essar Oil complying with a Supreme Court direction and deposited Rs 1,000 crore with the State Government. Early this week, Essar Oil tied up a credit line with banks for Rs 5,000 crore to meet its tax liability of Rs 6,169 crore.