Former external affairs minister Natwar Singh has categorically stated that he has no plans to resign from the Union council of ministers, following disclosures made by Aneil Mathrani, former Indian Ambassador to Croatia in an interview to India Today on Natwar's alleged involvement in Iraq's Oil for Food programme.

In a statement released to the media by his office, Natwar claimed that Mathrani's statements were incorrect, totally false and malicious.

He also made it clear that if he resigned from the Union council of ministers then it would be seen as acknowledging a sense of guilt by those who have been crying for his head, particularly the Bhartiya Janata Party.

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His son Jagat Singh had indicated that his father is being deliberately being targetted and there is a deep rooted conspiracy to defame Natwar and Jagat, in particular.

According to Congress sources, Natwar's refusal to resign suits the party, as he is acting as a shield for Sonia Gandhi [Images], who could be targetted in case he bows out.

Natwar had a 40-minute meeting with Prime Minister Dr Manmohan Singh [Images] on Saturday evening and explained that he was totally innocent. He said he had not benefitted in any manner from the oil deal nor has he been a non-contractual beneficary as has been alleged in the Paul Volcker report released by the United Nations.

Complete coverage: The Volcker report