The petroleum ministry has informed the stock market regulator SEBI on the production sharing contracts which Cairn India, promoted by Cairn Energy Plc has signed with the government for exploration and development of oil and gas blocks in the country.

Official sources told Business Line that “We have just put certain facts of various PSCs before the market regulator. We have not given any directions to SEBI.”

The ministry has written to the market regulator after it got a letter from Cairn Energy on its proposal to sell up to 51% in Cairn India to Vedanta Resources.

The ministry, which is examining the details submitted by Cairn Energy on the deal, has also sought more information from the Edinburgh based company.

Cairn India holds directly or indirectly through its subsidiaries participating interests in 10 exploration and production blocks in India. Some of the PSCs have specific provisions requiring consent of the Government in the event of the change in control.

(Sourced from BL)