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The Reserve Bank of India will conduct a detailed investigation into the reported purchase of Escorts shares by Swraj Paul Companies. On the eve of the controversial meeting of Escorts shareholders, the Finance Ministry was informed that the government had asked the Reserve Bank of India to investigate share purchases by non-resident foreign companies before making a final opinion.
Speech by Prime Minister Gandhi
Prime Minister Indira Gandhi warned militarily powerful countries not to underestimate the power of weaker states. At a banquet hosted by Yugoslav Prime Minister Milka Planin, the prime minister noted that the strongest military powers were not always able to subjugate small states whose only weapons were “the love of freedom and self-respect”.
The NC majority is in J&K
The ruling National Congress with 29 out of 53 seats appears headed for a comfortable majority in the 76-member Jammu and Kashmir Assembly. Out of the 23 pending results – 18 belong to Kashmir Valley, three to Jammu division and two to Ladakh region. In the 18 polling stations where there was a new poll, no untoward incident was reported.
Narayana case
Tensions continued throughout the day in Narayana where two people were killed by police gunfire the previous day. Most of the shops in the area were closed in protest of the police action, which sparked outrage among the villagers. There is a large police force on patrol around the clock to stem the escalation of violence.
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