losing its private character since now, afterreading between the lines, appears to have
FROM 50 YEARS AGO
the nationalisation of insurance, Government worked out a successful technique largelyhas come to own 18 per cent of its sharewith the co-operation of a select group ofcapital. But Sir Ramaswamy has had aninsurance companies. Evidence accumulates,assurance from the Finance Minister that and Sir Ramaswamy lends his powerful weightas a major shareholder, Government hasto the contention that it is high time for theno intention of influencing the day to dayFinance Ministry to straighten out the invest-Vol VIII, No 15, April 14, 1956 working of the Corporation. Granted its privatement policy of the insurance companiescharacter, it does not follow, however, that which it has taken over. To the general
ICIC and Ministry
the decision of its Board of Directors to complaint of the loss of influential support toof Finance withhold from the public the names of com-the Stock Exchange, Sir Ramaswamy adds apanies with whom they do business is wisemore specific one. If a healthy investment
(Weekly Notes)
or that it will be possible to maintain thismarket is to be maintained and new issues
Though it handles a lot of public funds –secrecy in the future. Taking the industrialare not to be written off as a source for what else are the World Bank loans to it and scene as it is today, it is unlikely in themobilising savings, it should be looked intothe counterpart funds from the sale of USextreme that the Corporation will be able towithout further delay. But against unsolicitedsteel? – the Industrial Credit and Investment maintain it for long.advice from busy-bodies on how the privateCorporation, Sir Ramaswamy Mudaliar wasIn another way, nationalisation of insur-sector should be run, however, even Sir at some pains to explain at its first annualance has affected the Corporation. It has, atRamaswamy’s powerful voice will not be ageneral meeting, was very much in theleast for the time being at any rate, put andeterrent. That delicate plant, the investmentprivate sector and should remain so, if itend to a very interesting and promisingmarket, one should have thought, must havewas to serve the purpose for which it hadexperiment in underwriting and floatationacquired some measure of immunity frombeen set up. There was real danger of its of new issues in which the Corporation, such things by now.
Economic and Political Weekly April 15, 2006
