It is argued that ONGC, in its joint operation agreement with the Cairn group, had a clause that in case the latter wanted to sell its shares in Cairn India, it would first offer these to ONGC. Only if ONGC refused to buy could it sell to another party. Hence, ONGC had a ROFR. However, Cairn Energy signed a deal with Vedantato sell 51-60 per cent of its shares in Cairn India without making an offer to the ONGC. In fact, it denied any such ROFR.