Mr, Malcolm Fry, former BAT nominee on the ITC board and currently Managing Director of VST Industries in Hyderabad, was today interrogated by Enforcement Directorate officials here for almost eight hours on the alleged FERA violations by ITC Ltd. “Prima facie, it appears that BAT was aware of FERA violations by the tobacco giant,” Mr. K. K. Kabirpanthi, ED Deputy Director, told reporters during a short break in the interrogation proceedings. Mr. Fry has represented BAT in India for a little over a year.

FERA charges motivated, says Shaw Wallace

Even as the Enforcement Directorate’s interrogations are going on into the alleged FERA violation by Shaw Wallace and Company (SWC), Mr. P. L. Narasimhan, Executive Director of the company, is confident that he will be able to convince the ED officials that the allegations against the liquor major are “baseless and motivated”. In a telephonic talk with Business Line from a city nursing home, Mr. Narasimhan said: “It pains me about the way this witch-hunting is going on. Executives are being unnecessarily harassed on the basis of incorrect information.”

15 mn kg cotton yarn exports allowed

The Union Textile Ministry has allowed an additional 15 million kg of cotton yarn of 40s and below count for export under the ceiling category for non-quota countries. The Government has a’greed for the release of the additional quantity as the the yarn exporters have exhausted the entire quantity of 80 million kg-of 40s and below count yarn allotted under the ceiling category for the 1996 calendar. With the additional release, the total quantity allowed for exports under this would be 95 million kg.

Related Topics
comment COMMENT NOW