LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

'Perverted Rahul Gandhi school of thinking' can call FIs' investment in IL&FS 'scam': Jaitley

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Mon, Oct 01, 2018
09:02 pm
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Finance Minister Arun Jaitley said on Monday that only 'the perverted Rahul Gandhi school of thinking' can call investment by financial institutions in IL&FS a 'scam' and suggested that the Congress President should take some 'words of wisdom' from a senior party colleague.

He also termed the Congress as a "national saboteur" trying to spread disinformation about the developments in debt-ridden IL&FS.

Jaitley in a Facebook post titled 'Lessons for Rahul Gandhi from his partyman' said that it must be remembered that the days of crony capitalism are over and the NDA government deals with challenges objectively and professionally.

The minister wanted to know whether investment by financial institutions in a company is a scam as has been spread by Gandhi and his coterie.

"Was it a scam in 1987 when the IL&FS was promoted with the Central Bank of India having 50.5 per cent shares and the UTI having 30.5 per cent shares? Was it a scam in 2005 when LIC acquired 15 per cent stake in IL&FS and in March, 2006 when it acquired another 11.10 per cent stake in the IL&FS? "In fact, LIC further bought 19.34 lakh shares in IL&FS in 2010. Do I start calling all these investments today 'a scam' as per 'the perverted Rahul Gandhi school of thinking?' From where has he invented a proposal of Rs 91,000 crores investment likely to take place by LIC and SBI in the IL&FS?" Jaitley quipped.

He asked Gandhi to read a letter written by senior Congress leader K V Thomas on September 20, 2018, who suggested to the government to "support IL&FS" as the company has shown notable achievements in the past in the area of infrastructure development.

Along with the Facebook post, the minister also attached a letter written by Thomas.

"It (the letter) demolishes every word that Rahul Gandhi and his coterie has been spreading. It may be advisable for Rahul Gandhi to get some 'words of wisdom' from Prof. K V Thomas," Jaitley wrote.

Gandhi on Sunday attacked Prime Minister Narendra Modi over the alleged financial support of LIC to debt-ridden IL&FS and asked whether the prime minister "loves financial scams".

"Modi ji, your favourite private company IL&FS is about to turn bankrupt. You are trying to save it by putting the money of LIC. Why?... Why are you using LIC money to save fraudsters. For you, hope IL&FS does not mean I love financial scams," Gandhi had said in a series of tweet.

The Congress Party, Jaitley said, for the last few days, has been busy spreading disinformation about the government's possible moves in relation to the private sector company IL&FS.

"The Congress is a national saboteur. It wants to sabotage India's economy by allowing a situation in relation to a company to persist, expand and become unmanageable. It lacks statesmanship and vision," Jaitley said.

As on March 31, 2018, Life Insurance Corporation of India (LIC) and ORIX Corporation Japan were the largest shareholders in IL&FS with 25.34 per cent and 23.54 per cent stake respectively. Abu Dhabi Investment Authority (ADIA), HDFC, Cental Bank of India and SBI hold 12.56 per cent, 9.02 per cent, 7.67 per cent and 6.42 per cent, respectively.

IL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over Rs 91,000 crore. There were concerns that default by a large NBFC like IL&FS would create liquidity crunch in the financial markets.

The minister said a section of the Congress leadership has been urging him to enable investments in the IL&FS and save the company.

The government Monday approached NCLT to supersede the board of IL&FS arguing that its financial woes were on account of "mismanagement" and policy paralysis prior to 2014. NCLT has constituted a new 6 member board headed by Kotak Mahindra Bank MD &CEO Uday Kotak.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

PM Kisan Samman Nidhi 8th installment: Know when Rs 6,000 amount will be credited into your account-Steps to check your name, transaction details in beneficiaries list

7th Pay Commission today: Central government employees alert! Latest news - Your premium is part of this allowance, benefit

PUBG Mobile New State game may not be launched in India?

Twitter user? Alert! Your account will be blocked if you do this | Big changes

Heranba Industries IPO: Allotment to be out today I Retail Investors anxious and nervous

LIVE: Gujarat Local Body Elections Results 2021: BJP wins 2085 seats, Congress gets 602 - Check latest trends, seats details, news updates here

Samsung Galaxy A12 Review: Smartphone ticks the right boxes in budget segment

Gujarat Election Result: Another big win for BJP, defeat for Congress! Check latest seats update in local body municipal, panchayat and taluka polls

Sara Ali Khan: My mother has gone through so much more than I have

7th Pay Commission Latest News: Grab this central government job with massive salary, vacancy with CBI—check details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved