Word: nehru
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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...
...outraged crowds shouting. "Give us arms! Give us arms!" L'Action, official organ of Bourguiba's Neo-Destour Party, editorialized: "To be respected in 1958 one can no longer be a friend of the West. The day that Bourguiba decides to follow the path set by Nehru, Tito and Nasser, Tunisia will no longer be lied about and attacked. She will be wooed." Cooed Beirut's El Massa: "Turn to Cairo, 0 Habib. Turn to the Arab Republic, to the camp of neutralism and to dignity and sovereignty...
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...