The Managing Director of Golden Tobacco Co. Industries Ltd (GTC), Mr. P. Khelan, was arrested on Tuesday by the Directorate General of Anti-Evasion, Central Excise, Madras zone, on charges of evasion of excise duty to the tune of Rs. 40 crores. He was produced before the Additional Chief Metropolitan Magistrate, Economic Offences-II, Mr. P. Anbazhagan, who remanded him to seven days custody. The Magistrate also turned down an interim bail application. The premises of Deccan Tobacco Processing Ltd. Hyderabad, which processes the cut tobacco and gives it to GTC and franchisees, was searched on February 2, 1996.

Karsan fax promises urea in 10 days

National Fertilisers Ltd today received a fax from Turkish firm Karsan Danismanlik/ Turizm Sanayi Ticarel Ltd stating the fire consignment of urea would arrive at Indian shores within 10 days. The fax, received at NFL’s corporate office this morning, holds both NFL as well as the Government of India responsible for the lute arrival of urea. It adds that the India had put pressure on Karsan through its embassy, bringing the deal into international focus.

Govt. stand puts World Bank, ADB aid in jeopardy

The high guarantee commission sought by the Government from the Indian financial institutions is threatening to scupper the proposed $ 1.3 billion assistance offered by the World Bank and also the line of credit of over $600 millions from the Asian Development Bank (ADB) for infrastructure development. The FIs were in line to receive funds from the World Bank and the ADB on the back of a guarantee from the Government. However, the guarantee commission, of 120 basis points sought by the Government has forced to them to have a serious rethink.

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