Natwar Singh on Wednesday maintained that being stripped of the portfolio of External Affairs was not the end of the world for him even as he agreed with Congress President Sonia Gandhi [Images] that the government should get to the bottom of the allegations contained in the Volcker Committee report on Iraqi oil pay offs.

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"I am not saying this (experience of recent days) is not disagreeable. It is disagreeable. There is no substance in the allegations made in the Volcker Committee report," he said.

Addressing the Hindustan Times Leadership Summit, the minister brushed aside suggestions that his exit from the foreign ministry was hastened because of his anti-American remarks on Iran and Iraq.

Natwar said he favoured the closest of relations between India and the United States.

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Natwar stuck to his controversial remarks that if a stronger resolution was tabled at the International Atomic Energy Agency meeting in Vienna on Iran's nuclear issue on November 24 of referring it to the UN Security Council, the government must take a very careful look as any such move would create a very big mess.

There must be a consensus on resolving the issue within IAEA framework, he added.

Complete Coverage: The Volcker Report