In the wake of the Comptroller and Auditor-General's draft report indicating that his company got “undue favours and benefits” in the development of the Krishna-Godavari Basin KG-D6 gas fields, Reliance Industries Limited chairman Mukesh Ambani met Prime Minister Manmohan Singh here on Friday.

Mr. Ambani is understood to have apprised Dr. Singh of his view of the matter.

The CAG draft report has come down heavily on the Petroleum and Natural Gas Ministry and the Directorate-General of Hydrocarbons for showing “undue favours” to RIL in the development and approval of the field development plan for the KG-D6 gas fields.

Interestingly enough, Mr. Ambani did not seek a meeting with Petroleum and Natural Gas Minister S. Jaipal Reddy.

Earlier this week, RIL wrote to the Petroleum Ministry, requesting a copy of the CAG draft report. Thereafter, the relevant portions of the draft are understood to have been given to the company. In its letter, RIL maintained that the comments in the draft report, leaked to the media, reflected a complete misunderstanding of the legal and contractual issues and hurt its reputation.

The company shares have taken a beating ever since the contents of the draft report started appearing in the media.


All's not well with gas and oilJune 16, 2011

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