............Ostensibly, the shares were purchased by LIC to stabilize the market; in reality, they had the effect of bailing out a suspect businessman, and the puzzling order to do so seemed to have come from within the highest reaches of government. Mr. Mundhra benefited significantly; in an internal letter, A. Raman, a research officer with the Reserve Bank of India (RBI) in Calcutta, wrote in July 1957: “The truth is that Mundhra is now on a slightly firmer ground although he is far from being out of the woods.”.............
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1 comment:
A very informative article. I only wish that we had more people like shri M.C.Chagla. As ab exrbite, I feel very proud of Shri A.Raman and would like to hear directly from him about this scandal. sarveswara
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