ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Turn of Horoscopes

the bank not to lend him more, A query if the Tirupati Temple Trust, the richest of its kind in India, had lent funds to the newspaper magnate brought forth a reply from the Andhra Government that it had no information on the subject ! Some high-up people in New Delhi have been taking a rather keen interest in underpinning the magnates operations. A top official of the Reserve Bank was, it is learnt, told some months back in New Delhi to convey to the Life Insurance Corporation that something had to be done about the sagging price of Indian Iron. That message resulted in two hurried meetings of the LIC's investment committee within 48 hours, the first according to schedule, and the second an extraordinary one to consider offers of sale of Indian Iron made to LIC by unidentified parties. At this second meeting, it is believed, the LIC management (perhaps fortified by memories of 1958) firmly declined to make any commitment of purchase or to indicate the price at which it would consider further purchases of Indian Iron and the committee agreed with this view. (It is only a coincidence that the investment committee then had a member who was a senior executive in one of the magnate's companies'.) The timing of the second meeting was significant because at that time it was very much in the air that Indian Iron would skip the dividend for the year ended 1967-68. The rumour, which in the event proved correct failed to bring down the price of the scrip and LIC was spared the embarrassment of having to implement the advice received from New Delhi. Following the skipping of the dividend by Indian Iron

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