Veteran Michael Schumacher rolled back the years and defied critics by posting the fastest time in an action-packed Monaco Grand Prix qualifying session yesterday, although the German lost pole position to Mark Webber’s Red Bull due to a grid penalty.

Webber beat Nico Rosberg’s time on his final lap, only for the 43-year-old Schumacher to surpass Webber’s effort just moments later in a thrilling finale, clocking a time of 1 minute, 14.301 seconds. Webber managed 1:14.381.

The grid penalty Schumacher incurred at the Spanish Grand Prix - where he crashed into Bruno Senna’s Williams - means he will start from sixth on the grid today. Schumacher, who first secured a pole position in Monaco back in 1994, has yet to earn a pole since coming out of retirement last season.

After yesterday’s success, Schumacher rose slowly out of his Mercedes with the trademark grin and cool nonchalance of his glory years, during which he won a record seven F1 titles. He clenched his fist as jubilant mechanics went wild and stunned fans cheered the German in a flashback of his best years.

“I’m more than thrilled,” Schumacher said. He joked that he had planned this. “I told you guys in the press conference my situation would be pole, start the race from sixth and then win it.”

The day got even better for Mercedes, as Rosberg will start second on the grid to bid for his second victory of the season after winning the Chinese GP.

McLaren’s Lewis Hamilton will start third, but teammate Jenson Button failed to make the final qualifying session for the second straight race.

It was a bad day for two-time defending champion Sebastian Vettel, who sat out the final qualifying session to save tires for the race.

Vettel, who won the race from pole position last year, scraped into the final qualifying session and then strangely opted to sit it out completely. He will start way down in ninth, with not much chance of even making the podium on a track that does not favor overtaking and starting from the front is more crucial than anywhere else.

Button won in Monaco in 2009. He won his only title that year. Just like in Barcelona two weeks ago, the Briton struggled with his tires yesterday, and will start from 12th.

“I don’t have the pace. That’s it really,” Button said, writing off his chances for today. “Monaco is all about qualifying. It proved it last year.”

Rosberg was fastest under blue skies in the third practice ahead of Ferrari’s Felipe Massa, and Vettel, whose fortunes then took a turn for the worse in the afternoon.