Word: nehru
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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...
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...
Krishnamachari himself recalled "some discussions" about stock purchases but "no order, no instructions." Unsympathetically, the judge found that Krishnamachari "must fully and squarely accept responsibility for what his ministry did," and Nehru immediately accepted Krishnamachari's resignation. The case confirmed what many Indian voters have long suspected-that the Congress Party has become negligent and arrogant in its long tenure of power. The charge of collusion had not been proved, but clear to all to see was the highhanded way in which a supposedly independent nationalized corporation had jumped to do a minister's bidding...
Daily Worship. Last week Nehru was doing what he could to repair his government's damaged prestige. He admitted "improprieties" existed (but insisted that Krishnamachari had not the smallest part in it that he could see), and ordered formal proceedings against Patel and the two insurance corporation officials who swung the deal. Federal police roused Promoter Mundhra at dawn from the $30-a-day prince's suite of New Delhi's Claridge's Hotel and hauled him off to jail on charges of criminal conspiracy, cheating and forging false stock certificates...
India's Prime Minister Jawaharlal Nehru was doing his utmost to provide fun, games and proper roosts for three foreign birds of altogether different feathers. The New Delhi visitors: U.S. Ambassador to the U.N. Henry Cabot Lodge, North Viet Nam's vermicelli-bearded Red Boss Ho Chi Minh, Afghanistan's King Mohammed Zahir Shah. By all odds, Ho was the corniest good neighbor, kissed every official within reach, made misty-eyed speeches with proletarian humility, begged New Delhi's schoolchildren to call him chacha (uncle), the same term of endearment they have been taught to call...