Union Minister Natwar Singh on Friday termed as outrageous and malicious the allegations of Indian Ambassador to Croatia Aniel Mathrani, who claimed that Natwar was very much part of the Iraqi-oil pay-offs.

Natwar Singh said he was contemplating legal action.

• Mathrani 'transferred' as Croatia ambassador

"I have read in the latest issue of India Today, Mr Aniel Mathrani's outrageous allegations against the Congress and myself. These are totally false and malicious. I shall consult my lawyer for further action," he said in a statement.

He said he was ready to face any time-bound inquiry on the issue so that his name was cleared at the earliest.

• Key players in the raging controversy

Questioning Mathrani's motive behind the interview, Natwar said his 'conscience is clear'.

"The obvious question to ask is why did Mr Mathrani give this interview at this time. If he was so concerned about the matter, why did he not go public earlier? He was in Delhi when the Volcker Report controversy came up," Natwar Singh said.

"The obvious question to ask is why did Mathrani give this interview at this time. If he was so concerned about the matter, why did he not go public earlier. He (Mathrani) was in Delhi when the Volcker report controversy came up," Natwar Singh said.

Natwar Singh said, "My conscience is clear. I am ready to face any inquiry, which is time-bound, so that my name is cleared at the earliest.

He, however, refused to take any questions from the media persons.