In the continuing ITC saga, enforcement Directorate officials today grilled two former chairmen, Mr. J. N. Sapru and Mr. K. L. Chugh and the current Chairman, Mr. Y. C. Deveshwar, on alleged FERA violations by the company in various export deals. While Mr. Deveshwar came out after a two-hour questioning session, Mr. Sapru and Mr. Chugh were being interrogated till around 8 p.m. Subsequently, Mr. Chugh was taken to the second floor for continued questioning, expected to go well past 11 p.m.

Germany plans trade centre in Mumbai

The Finance Minister, Mr. P. Chidambaram, on Thursday expressed concern at the decline of German investments in India and hoped that this would pick up. Addressing the inaugural session of the 6th Asia-Pacific Conference of German Industry and Trade, Mr. Chidambaram said that though there had been a decline in investments, the number of joint ventures signed between Indian and German firms had increased during the recent past. Addressing the meeting, the German Federal Minister of Economics, Dr. Gunter Rexrodt, said his government planned to set up a Centre of Industry and Trade at Mumbai.

No threat of recession now, says Manmohan

There has been a distinct slowdown in the economy, especially in the industrial sector and on the export front, but the problem may be overcome and there may not be any serious threat of recession. Dr. Manmohan Singh, former Union Finance Minister, has said. Dr. Singh said the Finance Minister and the Governor of the RBI had given assurances that it would only be a temporary phase and the growth rate would hot be affected.

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