Rahul asks Jaitley to step down over Mallya connection, BJP hits back

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It argues Mallya, who moved to Britain in March 2016, had no intention of repaying money it borrowed from IDBI in 2009 and the loans had been taken out under false pretences, on the basis of misleading securities and with the money spent differently to how the bank had been told. "The statement is factually false in as much as it does not reflect truth", Jaitley had said in a Facebook post. He told, "I left because I had a scheduled meeting in Geneva".

"Yesterday, Arun Jaitley said that Vijay Mallya had formally approached him in Parliament".

Sitharaman termed the Congress demand for the finance minister's resignation as "motivated". "It had no legal basis as no non-bailable warrant, a requirement under law, had been issued against him (Mallya)", said a CBI source, justifying the decision to downgrade the alert advisory to "inform only" category on November 24, 2015. "I feel like a scapegoat", Mallya said. "Having being fully briefed about his "bluff offers", without allowing him to proceed with the conversation, I curtly told him 'there was no point talking to me and he must make offers to his bankers'".

Immediately after Jaitley's rebuttal on Wednesday, Mallya had said it was "not fair" to create a controversy over this issue as it was not a "formal meeting" and he only "happened to meet" the finance minister. As far as I am concerned, I have made a comprehensive settlement offer before the Karnataka High Court.

Vijay Mallya leaves Westminster Magistrates Court in London, Britain, September 12, 2018. "However, since he was a Rajya Sabha MP, he once misused his privilege while I was walking out of the House to my room".

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Responding to queries sent by The Indian Express on Thursday, the State Bank of India spokesperson said: "State Bank of India denies that there has been any laxity on its part or its officials in dealing with loan default cases including Kingfisher Airlines".

"Full and complete and accurate information was provided and I can demonstrate that", Montgomery said, saying suggestions that there was a "secret package of knowledge" about Kingfisher's financial position which was not provided to IDBI were "utterly unfounded". He has been engaged in a legal battle over his extradition to India on charges of banking fraud and money laundering amounting to around Rs 9,000 crore.

He also said that since 1947 till 2008 the banks in the country gave loans to the tune of Rs 18 lakh crore.

Dressed in a suit and wearing his shades, Mallya appeared relaxed even as the judge is expected to review a video of the Mumbai jail cell prepared by the Indian authorities for the embattled liquor tycoon.

Mallya has been out on bail on the extradition warrant since his arrest in United Kingdom last April.