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The Congress President and former Prime Minister, Mr. P. V. Narasimha Rao, today finally ended his over five-year-old tenure as the party chief by announcing his resignation following a Delhi court’s decision to make him an accused in the one lakh dollar Lakhubhai Pathak cheating case. With this decision comes to an end the most turbulent era of a Congress President. In a day of dramatic political developments, which started with a courtroom drama, the Additional Sessions Judge, Mr. Ajit Bharihoke, rejected Mr. Rao’s plea for discharge in the case. He ruled that prima facie there was evidence against him, to warrant his being summoned as an accused along with Chandraswami and Kailash Nath Aggarwal, both now in judicial custody in the high security Tihar jail.
‘I am totally innocent’
The following is the text of statement of Mr. P. V. Narasimha Rao announcing his resignation as Congress President: “The learned Sessions Judge has, by an order passed today, rejected my plea that the process issued against me in a criminal case be withdrawn. Even though the case is yet to be heard on merits, I have decided to relinquish the office the Congress President. ‘1 am totally innocent and the allegations levelled against me are false, frivolous and baseless, and are intended to cause harm to my reputation. During the period I was in positions of power, including that of Prime Minister, I have not done anything violative of law nor have I done anything which might bring discredit to my party tor to my Government. I have taken the above decision in the interests of the Congress party and to avoid tension and confusion in the ranks...
Reliance softens stand on equity
Reliance Industries Ltd (RIL) has agreed to go ahead with the gas cracker project in Assam without claiming equity stake in the gas separation unit. It has instead suggested that gas should be supplied to a ‘central point’ at economically viable prices. This suggestion was made to the Centre by the company as a compromise from its earlier stand of seeking an equity participation on the gas separation unit. It may be recalled that RIL had categorically stated that it would not pump in fresh funds in the project unless the Centre agrees to set up the separation as a joint venture co-promoted by them.
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