The Eastern Bank Limited was
founded in London
in 1909 with its offices at 2,3,4
Crosby Road. Two overseas branches was started in
1910 in Bombay and Calcutta. In 1957 the Calcutta
and Bombay
branches were seriously weakened by heavy losses primarily due to activities of
its client customer Haridas Mundhra. Same year the Barclays and Sassoon, the
two main sponsoring families sold their controlling shares in Eastern Bank
Limited to Chartered Bank. Since 1957 till 1971 it remained a subsidiary to
Chartered Bank. In 1971 it was absorbed into Chartered Bank and its name
disappeared.
I must add a note about
Haridas Mundhra episode. Feroze Jehangir Gandhi, editor of National Herald, MP
from Rae Bareily and Indira Gandhi’s husband but not related to Gandhiji Bapuji,
highlighted the irregularities committed by six times married Ramkrishna Dalmia
in the simulated bankruptcy of his own life insurance company and in turn
causing bankruptcy to Bank of Gwallior. RK Dalmia financed Gandhiji’s salt
satyagraha entirely and knew almost everybody at high places. But Nehru thought
him to be ugly man with ugly mind. This prompted Feroze Gandhi and Nehru to
nationalize 245 private insurance companies and set up Life Insurance
Corporation of India
under one umbrella under new formulated Life Insurance Act. Haridas Mundhra was
held guilty for selling forged share certificates in 1956. In 1957 Haridas Mundhra
induced LIC to invest very large amount above market rate in his 6 bad companies: Richardson Cruddas, Jessop
& Co, Smith Stanistreet, Osler Lamps, Angelo Bros and British
India Corpn, by bypassing LIC’s investment committee. It was a
scam. India’s
finance Minister TT Krishnamachari had to resign. Nehru was very unhappy with
Feroze for highlighting this incident and raising this issue in parliament. Feroze
had a heart attack in 1958 and died in 1960. Indira Gandhi was at his bed side during his death and I must mention that Feroze was at the bed side of Kamala Nehru during her death. Feroze was a great man and I think Rahul Gandhi is somewhat like Feroze, the excellent Parsee gentleman. Indira and Feroze loved each other very much. Kamala liked Feroze but I think Jawaharlal had some reservations. Indira had to share her life between loving husband and her busy but lonely father. This happens in a small family and she did what was normal under the circumstances. She cherished Feroze's memory till her last day even though she very rarely told others about her personal feelings. The Eastern Bank Limited is deeply connected with early history of scams in Indian Republic.
Please note: This is a
multiple listing and payee name, date etc will be different in each cheque. The
year may be anywhere between 1939 and 1953. I do not promise anything on year
and no request about year will be entertained. So please do not request any
choice of year at all and well understand this before buy.
This cheque is printed by W.W. Sprague & Co. Ltd., London, E.C.
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On 08-Dec-2007 at 21:11:01 IST, seller added the following information:
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