Cairn-Vedanta deal: Ex-ONGC Chairman RS Sharma denies foul play

MUMBAI: Former chairman of ONGC RS Sharma stoutly denied any foul play or lapses by the state-owned company while approving the recently concluded $8.5 billion Cairn-Vedanta deal. This comes after the Supreme Court, taking cognizance of a public interest suit that sought criminal investigation as well as scrapping of the Cairn-Vedanta deal, issued notices to the government, Cairn Energy, Vedanta and ONGC.

"I haven't been called for questioning yet but in case I am called, there are adequate justifications on record in ONGC for not having exercised the pre-emptive rights to buy out Cairn Plc's stake in Cairn India at the deal price. The board was kept fully informed from time to time regarding the implications of the transaction for ONGC," Sharma told ET.

He went on to add: "ONGC board had met every month on the issue, where besides functional directors, we had Independent directors, as well as government nominee directors from the ministry of petroleum and finance."