New Delhi: Disinvestment Minister Arun Shourie today (Feb 20, 2004) stood by his criticism of the methodology and inference of the Comptroller and Auditor General (CAG)'s observations on Centaur Hotel sale deal but said he was sorry for using the term "idiotic".

"I am unreservedly sorry for the word idiotic...the methodology for determining the notional losses was peculiar... I stand by my criticism of the methodology and inference of CAG report," Shourie said.

He, however, maintained that the relationship between his Ministry and the statutory auditor, the Comptroller and Auditor General, were most cordial and the two had held workshops together.

The Minister was commenting on the controversy over the CAG's observations on the sale of Centaur Hotel in Mumbai to Batra Hospitality.

Shourie said that he would meet the Comptroller and Auditor General V N Kaul on Feb 22 after his return from Northeast to explain all the facts about the Centaur sale deal.

The CAG had made adverse comments about the Centaur Hotel deal saying that Government would suffer losses of about Rs 145 crore because of lowering of lease rent from six per cent to two per cent prior to selling the hotel property.

Shourie had reacted yesterday to the methodology adopted by the CAG in computing the notional losses and subsequent criticism by political parties who demanded a Central Bureau of Investigation (CBI) probe into the issue.

He termed as "baseless" the allegations made by the Opposition parties over the deal and said that the disinvestment process was transparent and he was open to inquiry by anybody.

"I will request the CAG for opportunity to explain every step and fact of the transaction personally," Shourie added.