Just in: Reliance Industries replies to CAG audit observations; refutes all charges.

Three private companies, Reliance Industries Ltd, Cairn Energy and British Gas had been asked to formally respond to the audit findings of the Comptroller and Auditor General (CAG) in its draft report over irregularities in developing some of India's biggest oil and gas fields.

The CAG is holding an exit conference today with the petroleum ministry, which in turn has asked the three private companies to come prepared with their replies. The ministry wrote to the three firms on June 28.