Finance ministry clarifies issues on Cairn-Vedanta deal news
Posté: Mer 30 Mar 2011 11:39Finance ministry clarifies issues on Cairn-Vedanta deal news
29 March 2011
The finance ministry says the government should decide on the Cairn-Vedanta deal irrespective of whether the dispute between Cairn and ONGC over royalty payments is resolved.
The finance ministry has also added caveats to the proposed approval, which analysts say is the reason for the delay in the deal in getting a green light from the cabinet.
The ministry has said the government should proceed by the 'letter and spirit of the contract' and necessarily follow legal provisions while granting approval.
Additionally, it has also advised the government not use the dispute as an 'opportunity' to resolve the royalty issue in its favour.
29 March 2011
The finance ministry says the government should decide on the Cairn-Vedanta deal irrespective of whether the dispute between Cairn and ONGC over royalty payments is resolved.
The finance ministry has also added caveats to the proposed approval, which analysts say is the reason for the delay in the deal in getting a green light from the cabinet.
The ministry has said the government should proceed by the 'letter and spirit of the contract' and necessarily follow legal provisions while granting approval.
Additionally, it has also advised the government not use the dispute as an 'opportunity' to resolve the royalty issue in its favour.