CBI must act as per rule but, India can't be like Russia where billionaires are put behind bar: Moily

Oil minister Veerappa Moily said CBI must act as per rule, but it can't act mere on perception as India can't be like Russia where billionaires are put behind bar.

"CBI must have proceeded on certain lines, I'm not here to give value judgment," Moily told reporters when asked for his reaction on the CBI's recent FIR against KM Birla. Moily said rule of law prevails in India, where private investments are welcomed.

"There are certain elements who create fear among people so that nobody invest in this country. I want to break this perception," he said while interacting with reporters in his office on Friday evening.

He said RIL Chairman Mukesh Ambani and BP CEO Bob Dudley met him in the afternoon to express their confidence in India and their intention to remain invested in the country's oil and gas sector.

"All their issues have been resolved. One issue is left, which will be resolved soon in the CCEA (cabinet committee on economic affairs)," he said. Oil ministry has received comments of the finance ministry and the Planning Commission and a final CCEA note will be sent in a week, he said.

The oil ministry has sought CCEA's approval, whether to deny new gas price to RIL's producing gas fields in the KG-D6 block until the company meets the shortfall quantity at the existing rate of $4.20 per unit.

Moily said disputes with contractors over contractual matters were "perennial issues", which could be resolved. "We will resolve all issues within the contractual framework. Government will adhere to contract so will the contractor," he said.