IL&FS Crisis: Arun Jaitley Calls Congress ‘National Saboteur’, Defends Governmet Actions in Dealing Crisis

New Delhi, Oct 01: Terming Congress a "national saboteur", Union Finance Minister Arun Jaitley on Monday claimed that the party has been busy spreading false information about the Centre's possible moves in relation to the private sector company Infrastructure Leasing & Financial Services Limited (IL&FS). "The Congress Party, 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 party 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." Furthermore, Jaitley published a letter written by Congress leader KV Thomas, which highlighted ways for the government to bail out IL&FS, and suggested assistance using entities like State Bank of India (SBI) and the Life Insurance Corporation of India (LIC). Government May Move NCLT in Mumbai for Management Change.

"A senior Congress leader, Prof. K.V. Thomas, who is a former Union Minister and has been the Chairman of the Public Accounts Committee, has written to me on 20th September 2018 making such a request. I am enclosing his letter. It demolishes every word that Rahul Gandhi and his coterie have been spreading. It may be advisable for Rahul Gandhi to get some 'words of wisdom' from Prof. K.V. Thomas," he said.

Continuing his tirade against the Gandhi scion, Jaitley asked, "The financial institutions' investment in any company - 'is it a scam' as Rahul Gandhi and his coterie are spreading? Was it a scam in 1987 when the IL&FS was promoted with the Central Bank of India has 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? In fact, it is the section of the Congress leadership which has been urging me to enable investments in the IL&FS and save the company."

Concluding his blog, Jaitley said that the Congress must remember that 'the days of crony capitalism are over.' "The Congress Party must remember that 'the days of crony capitalism are over.' The NDA Government deals with such challenges objectively and professionally," he said. The fresh attack from Jaitley came after the Congress President accused the Prime Minister of bailing out the debt-ridden IL&FS using funds from the SBI and LIC. He had also accused the Prime Minister of working for select "crony capitalists". Debt-Ridden IL&FS Taken Over by Govt, Uday Kotak and GC Chaturvedi to be Part of New Board.

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