The Economic Offences Wing of the Mumbai police have arrested A V Krishnan, vice chairman of Harvest Nidhi Ltd from Chennai after complaints from investors that the company had defaulted on deposits and interest. Nidhi Harvest allegedly collected some Rs 50 crore from all over the country during 1996-97, promising interest rates as high as 21 per cent. The bulk of the deposits were mobilised from Chennai. Many investors in Chennnai too had filed complaints against the company. In Mumbai, depositors were given post-dated interest cheques payable at par. When the cheques started getting dishonoured in June 1997, the depositors got restive. One advocate, K V George, discovered in October 1997 that the company's office at Fort had been wound up and that the director Ravi Vardhan was not to be traced. Ever since, depositors have been fighting a battle to get the police to trace the directors.

Ex-mayor Acharya passes away

A majority of shops in Chembur remained closedon Thursday as a mark of respect for the former mayor Sharad Acharya who died this morning.The Chembur police said there were no untoward incidents in the suburb following the demise of the senior Shiv Sena leader.

Chief Minister Narayan Rane condoled the death of Acharya. Rane said Acharya loved the city and was one of the propagators of Clean Mumbai Green Mumbai programme.

Rly concession for paper vendors

Union Minister of State for Railways Ram Naik today announced that newspaper vendors will be allowed to carry newspapers on vendors luggage-season ticket and also to use their return card tickets on next day of public holidays. In a statement, Naik said that newspaper vendors will be allowed to carry weight 60 kgs as free allowance under the scheme of produced vendors season tickets, accepting their long pending demand on the lines of perishable items like milk, vegetables, fresh fruits and other bazaar supplies. The decision will be enforced immediately, the statement cleared.