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Difficult to reverse deal: SC

The Supreme Court on Monday said it will be difficult to reverse the $8.5 billion Cairn-Vedanta deal but would examine the allegation that it contravened an agreement that while selling its shares Cairn India would offer them first to state-owned ONGC.

business Updated: Jul 23, 2012 22:10 IST

The Supreme Court on Monday said it will be difficult to reverse the $8.5 billion Cairn-Vedanta deal but would examine the allegation that it contravened an agreement that while selling its shares Cairn India would offer them first to state-owned ONGC.


The court asked the Centre, Cairn India and other parties to file their counter affidavits within four weeks. The court had issued a notice to Centre and the companies on April 27 but they failed to file their responses on a PIL seeking a CBI probe into the reasons for ONGC and government in “not asserting” their legal rights on the issue.