Word: krishnamachari
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Dates: during 1950-1959
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...three months political India has been agog over a scandal centering around one of Prime Minister Nehru's principal aides, Finance Minister T. T. Krishnamachari, and one of Nehru's pet Socialist projects, the newly nationalized Life Insurance Corp. The scandal broke last November when Nehru's son-in-law, Feroze Gandhi,* rose in Parliament and asked the minister a pointed question: Had the new corporation used the premium payments of India's 5,500,000 life-insurance policyholders to buy up shares at above-market prices in companies controlled by a notorious stock speculator named...
...That is not the fact," snapped Krishnamachari. Under heckling by Gandhi and others, the minister admitted later that the corporation had indeed bought a whopping $3,200,000 worth of Mundhra stocks at the ministry's direction. "Shame," cried legislators. "Collusion," charged Gandhi, between government and Mundhra. If the corporation itself had investigated Mundhra, Gandhi cried, it would not have touched the promoter's companies "with a tadpole's tail...
Watering the Stock. With public and Parliament clamoring for the truth, Nehru reluctantly appointed a Bombay judge to make a special inquiry. Testimony brought out that Krishnamachari's principal aide, finance secretary H. M. Patel, had ordered the corporation's officers to carry out the deal and that its direct result was to save the financial position of Promoter Mundhra. a boy-wonder financier who began as a light-bulb salesman, pyramided his holdings by fast deals and stock juggling into a $10 million empire...
When Kansas Millionaire Bill Graham tried to spark a brush fire for capitalism in socialist-minded India last summer (TIME, Aug. 12), the government poured on cold water. Finance Minister T. T. Krishnamachari and others refused to see him. But last week Graham's dream of financing capital-starved entrepreneurs ("The small guy who's on the ball") and making a profit to boot had become too important to ignore. When Graham landed in India with funds raised from free-enterprising Americans, Pandit Jawaharlal Nehru himself sat down with the tireless enterpriser for a half-hour...
...third assumption was that between 1956 and 1961 India could count on getting at least $1.6 billion in foreign aid. Proudly, the Indians asked for loans, not grants. A month ago Indian Finance Minister T. T. Krishnamachari signed an agreement with the Soviet Union for a twelve-year $125 million loan, and last week West German Economics Minister Ludwig Erhard was on the verge of okaying $143 million in credits toward construction of a new steel plant in iron-rich Orissa. Other loans may come from Japan and the Colombo Plan nations...