Home Minister P Chidambaram on Thursday ruled out his resignation in the wake of Madras High Court decision in the election petition against him saying the verdict was not a setback for him but for his rival.

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He ridiculed the demand for his resignation by BJP President Nitin Gadkari and Tamil Nadu Chief Minister J Jayalalitha saying he was astonished by their "monumental ignorance".

Reacting to the demands of the opponents, he said those who make the demand for his resignation "do not have criminal case, do not have charges and have not been questioned under Criminal Procedure Code".

"I am astonished by the monumental ignorance displayed by certain political leaders. This is an election petition. There are 111 election petitions filed against members of 15th Lok Sabha," Chidambaram told PTI.

The Madurai bench of the Madras High Court today declined Chidambaram's plea for dismissal of the election petition against him by the losing AIADMK candidate RS Rajakannappan in Sivaganga constituency in Tamil Nadu in 2009 Lok Sabha polls.

But the court struck down two paras in Rajakannappan's petition containing allegations against returning officer, government and bank officials.