SC bench recuses itself from pil on Cairn-Vedanta | business | Hindustan Times
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SC bench recuses itself from pil on Cairn-Vedanta

business Updated: Mar 02, 2012 22:52 IST
PTI
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A Supreme Court bench on Friday recused itself from hearing a petition challenging the validity of the $8.5 billion Cairn-Vedanta deal and seeking a CBI probe into reasons for ONGC and government in "not asserting" their legal rights in the issue.

Without giving any reason, a bench of justices H L Dattu and C K Prasad said it would not like to hear the matter and that it will go to some other bench.

The judges simply said that the matter should not be listed before them.

The petition, which was filed on February 27, had also sought audit by the Comptroller and Auditor General (CAG) into several aspects of the deal and government approvals for the acquisition of the majority stake of Cairn India by Anil Agarwal's Vedanta Resources on the ground that the offer in this regard should have gone first to the state-owned PSU ONGC.

The PIL by Bangalore resident Arun Kumar Agarwal says in the ONGC-Cairn group agreement, ONGC had the right of first refusal in case Cairn wanted to sell its shares in Cairn India, which was not followed.

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