SC dismisses PIL challenging $8.5bn Cairn-Vedanta deal

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The Supreme Court of India has rejected a PIL that had challenged the USD 8.5 billion deal between Cairn and Vedanta.

PIL, filed by a lawyer Mr Arun Kumar Agrawal, was challenging the deal on the ground that there was a loss to state-owned ONGC on account of the sale. The PIL had alleged that there was a clause in the agreement between Cairn group and ONGC that in case Cairn Group wanted to sell its shares in Cairn India, it would first offer the same to ONGC and this right was "not asserted" by the PSU and the Centre.

Petition had said that Cairn Energy had signed a deal with Vedanta group to sell its shares in Cairn India, without making an offer to ONGC.

The apex court said that the center's decision on the deal was taken after due deliberation and added that there were no extraneous considerations involved in the deal and it should not be interfered with by the court.

Read more about: cairn india, vedanta
Story first published: Thursday, May 9, 2013, 13:31 [IST]
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