Finance and corporate affairs minister Arun Jaitley on Monday rejected allegations of Congress president Rahul Gandhi that the government could use state-run LIC and State Bank of India to bail out debt-laden ILFS through an investment of Rs 91,000 crore. Citing a recent letter by senior Congress leader KV Thomas to him in which the former Union minister had drummed up support for ILFS, Jailtey sought to attack Gandhi and his party for In a blog post, Jaitley asked: 5% shares and the UTI having 30.5% shares? Was it a scam in 2005 when LIC acquired 15% stake in ILFS and in March 2006, when it acquired another 11.10% stake in ILFS? In fact, LIC further bought 19.34 lakh shares in ILFS in 2010. Do I start calling all these investments today In fact, it is the section of the Congress leadership which has been urging me to enable investments in ILFS and save the company. Thomas even termed GIFT City Interestingly, Gandhi on Sunday claimed Prime Minister Narendra Modi, as chief minister of Gujarat, had in 2007 given ILFS the In his letter, Thomas has argued that ILFS . LIC is the largest shareholder with a 25.34% stake in ILFS, followed by Japan54%), Abu Dhabi Investment Authority (12.56%) and Housing Development Finance Corp. (9.02%) as on 31 March 2018. Central Bank of India and State Bank of India hold 7.67% and 6.42%, respectively.