New Delhi, Apr 25 (IANS); The Bharatiya Janata Party (BJP) Thursday said the draft report of the parliamentary panel on 2G spectrum allocation was "based on lies" and should be rejected totally.

"We demand total rejection of the report which is based on lies and is full of contradictions. We cannot accept it," BJP leader Yashwant Sinha told reporters.

Instead of blaming the United Progressive Alliance (UPA) government, the report points fingers at the National Democratic Alliance (NDA) government, which brought the telecom revolution, he said.

"The JPC for the last two years was working on the report and I didn't imagine he will go to this extent. Instead of blaming UPA, he is blaming NDA for the multi-crore scam," Sinha said, referring to joint parliamentary committee (JPC) chief P.C. Chacko.

The meeting of the JPC to finalise the report was to be held Thursday afternoon but has been postponed, sources said.

The draft JPC report laid the blame for the losses to the public exchequer on account of faulty allocation of spectrum and grant of licences on former telecom minister A. Raja, clearing Prime Minister Manmohan Singh and Finance Minister P. Chidambaram of any wrongdoing.

The JPC is divided over the culpability of Raja, whose note submitted to the panel has stated that everything he did was with the knowledge of the prime minister.

In 2011, an entire winter session of parliament was washed out as the BJP did not allow either house to run till a JPC probe was set up.

The issue came up after the Comptroller and Auditor General (CAG) alleged a presumptive loss of Rs.1.76 lakh crore in the allocation of 2G spectrum licences during the UPA-I government 2004-09.