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A Curious Phrase To Remember A Lesson Never To Be Forgotten


wealthymatters

Tarachand Ghanshyam Das was a Marwari Business that operated from 1791 to 1957.It enjoyed such prestige and credibility that its Hundi was negotiable through multiple offices and accepted by moneylenders and traders across the country.The Birla family got its start in Calcutta as sub-agents to this firm.
Bugotee Ram,the ancestor of the Poddars of Tarachand Ghanshyam Das was the treasurer or the Fotedar of the nawab of Fatehpur, Rajasthan. Their family name is a corruption of this title of Fotedar. Bugotee Ram was also a banker to the royal families of Jaipur, Bikaner, and Hyderabad. The Poddar family originally belonged to Churu in Rajasthan. When the local thakur imposed heavy tax on the wool trade, in 1791, the Poddars moved to a village in the domain of Raja of Sikar and named it Ramgarh.

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Sweet Revenge


wealthymatters,comApril 30, 1982. Dhirajlal Hirachand Ambani became famous this  afternoon. However he had no inkling of this when he woke up that morning. The only emotion he perhaps felt that hot summer morning, as the mercury crossed the 33 C mark, was wrath. For the past six weeks, a syndicate of stockbrokers had been hammering his company’s shares on the Bombay Stock Exchange,and he didn’t like it.

April 30 was a Friday, the day he could vent his anger, take his revenge. On the BSE, alternate Fridays were settlement days when all transactions which had taken place the previous fortnight were cleared.Sellers delivered shares to buyers, buyers accepted delivery, or either party asked for the transaction to be postponed to the next clearance day after paying badla or compensation for the delay. This day was one of  the settlement Fridays. It would go down in the BSE’s history as a day of total chaos.

The stage for this drama was set a few days earlier, on March 18, when a selling hysteria shocked the BSE. In twenty-five minutes of panic, starting at 1.35. p.m. the price of blue-chips like Century and Tisco crashed by ten per cent. They fell like dominoes on the back of Ambani’s Reliance Textile Industries which fell from Rs 131 to Rs 121 as 350,000 of its shares hit the market. Read more of this post

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