Cairn-Vedanta deal: SC seeks govt response

The Supreme Court on Monday issued a notice to the Centre on a petition challenging the validity of the $8.5- billion Cairn-Vedanta deal and sought a CBI probe into the same.

The Supreme Court on Monday issued a notice to the Centre on a petition challenging the validity of the $8.5- billion Cairn-Vedanta deal and sought a CBI probe into the same.

HT Image

Acting on public interest litigation by Bangalore-based Arun Kumar Aggarwal, a bench headed by Justice DK Jain also issued a notice to Oil and Natural Gas Corp (ONGC), Cairn Energy and Vedanta Resources.

The PIL sought a investigation into the reasons behind ONGC and the government's failure to assert their legal rights when Cairn India sold its shares to Vedanta. The petitioner stated that in accordance with an agreement between ONGC and Cairn India, the latter should have first offered its shares to ONGC.