Mundhra scandal
E239199
The Mundhra scandal was a major 1958 Indian financial and political scandal involving fraudulent share deals by businessman Haridas Mundhra that led to a parliamentary inquiry and the resignation of Finance Minister T. T. Krishnamachari.
All labels observed (2)
| Label | Occurrences |
|---|---|
| LIC–Mundhra scandal | 1 |
| Mundhra scandal canonical | 1 |
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
financial scandal
ⓘ
political scandal ⓘ |
| alsoKnownAs |
Haridas Mundhra scandal
ⓘ
Mundhra scandal ⓘ
surface form:
LIC–Mundhra scandal
|
| charge |
fraudulent share transactions
ⓘ
overvaluation of shares of Mundhra-controlled companies ⓘ |
| chronology | occurred during the second Nehru ministry ⓘ |
| country | India ⓘ |
| follows | independence of India ⓘ |
| hasCause | fraudulent investment of LIC funds in Mundhra-controlled companies ⓘ |
| hasEffect |
establishment of Chagla Commission of Inquiry
ⓘ
loss of public confidence in government financial oversight ⓘ resignation of Finance Minister T. T. Krishnamachari ⓘ strengthening of parliamentary oversight of public financial institutions ⓘ |
| inquiryBy | Justice M. C. Chagla Commission ⓘ |
| involves |
Life Insurance Corporation of India
ⓘ
Ministry of Finance ⓘ
surface form:
Ministry of Finance (India)
Parliament of India ⓘ |
| languageOfWorkOrName |
English
ⓘ
Hindi ⓘ |
| location |
Mumbai
ⓘ
surface form:
Bombay
New Delhi, India ⓘ
surface form:
New Delhi
|
| mainSubject | fraudulent share deals ⓘ |
| mediaCoverage | Indian press ⓘ |
| natureOfAllegation |
conflict of interest
ⓘ
misuse of public funds ⓘ political corruption ⓘ |
| outcome |
political embarrassment for the Indian National Congress government
ⓘ
recommendations for stricter control over public financial institutions ⓘ |
| participant |
Haridas Mundhra
ⓘ
members of Lok Sabha ⓘ officials of Life Insurance Corporation of India ⓘ officials of Ministry of Finance (India) ⓘ |
| pointInTime | 1958 ⓘ |
| relatedTo |
Life Insurance Corporation Act, 1956
ⓘ
corporate governance in India ⓘ public sector investment policy in India ⓘ |
| significance |
early test of parliamentary accountability in India
ⓘ
first major financial scandal of independent India involving a public sector institution ⓘ |
| significantPerson |
Feroze Gandhi
ⓘ
Haridas Mundhra ⓘ Jawaharlal Nehru ⓘ Justice M. C. Chagla ⓘ T. T. Krishnamachari ⓘ |
| timePeriod | 1950s ⓘ |
| triggeredBy | questions raised in Lok Sabha by Feroze Gandhi ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
LIC–Mundhra scandal