New Delhi: The Union Cabinet on Friday approved the setting up of an Inquiry Authority for the Volcker Committee report that named former External Affairs Minister Natwar Singh and Congress party as beneficiaries of the Iraqi oil payoffs.
"The Justice R S Pathak Inquiry Authority is being set up under the resolution of the Union Cabinet and will be clothed with all statutory powers as desired by the authority itself," Finance Minister P Chidambaram said after a meeting with Prime Minister Manmohan Singh.
The authority will complete its findings and submit its report in six months, he said.
Chidambaram said the terms of reference of the authority were being drawn up and would be notified by Saturday.
Chidambaram said the inquiry commission will be under the Commission of Inquiry Act.
Chidambaram added that an Authority was being set up instead of an Inquiry Commission since "there is no difference in terms of the objectives to be achieved and the Commission of Inquiry Act provides for an Authority".
As per an official note, the Authority would seek to establish the truth of the unverified references contained in the Volcker report relating to payment of surcharge or kickbacks to the then Government of Iraq for allocation of quotas of oil or food and other essential items.
The authority would be a single judge body, headed by former Chief Justice of India and former judge of the International Court of Justice R S Pathak.
Refusing to go into the details of the Terms of Reference, Chidambaram said, "You will know when you read the notification. Statutory powers as desired will be conferred upon the Authority".
On the tenure of the Authority, Chidambaram said, "The judge agreed that we give him time of six months. We are going on the advice of the Law Ministry and justice Pathak".
Chidambaram further added that the Enforcement Department will hold a press conference every day on the developments related to the interrogation.
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