Manohar J. Pherwani

From Wikipedia, the free encyclopedia

Manohar J. Pherwani was a Chairman of the Unit Trust of India for almost a decade until November 1989. He was also the Chairman of the National Housing Bank (NHB). He was also known for his involvement in the 1992 Indian stock market scam.

Under his tenure the asset base of the UTI grew from ₹1 billion to almost ₹176.5 billion.

He headed the 1991 "Expert Study Group into establishment of new stock exchange" (also known as the M J Pherwani Committee) into stock exchange reform which resulted in the formation of the National Stock Exchange of India (NSE).[1]

He quit as chairman of the NSE and Infrastructure Leasing & Financial Services Ltd (IL&FS) in 1992, in the wake of the 1992 securities scam.

Controversies[]

Further information: 1992 Indian stock market scam

While serving as Chairman & Managing Director of the National Housing Bank, Pherwani had exposed the bank to high volumes of re-purchase option (repo) based security trades through Harshad Mehta,[2] a broker who was charged with 72 criminal offenses, in 1992.

Death[]

On May 21, less than 12 days after resigning as NHB chairperson Pherwani was found dead by his family members at his Bombay home. The cause of death was found to be cardiac arrest[2][3]

In popular culture[]

Actor K. K. Raina portrayed Pherwani in the Sony LIV hit series Scam 1992.[4]

References[]

  1. ^ [1]
  2. ^ a b McDonald, Hamish (2010). Ambani & Sons. Australia: Lotus-Roli. p. 241. ISBN 9788174368140.
  3. ^ "'Mystery' deaths in scandals". www.telegraphindia.com. Retrieved 2021-01-24.
  4. ^ "Scam 1992: The Harshad Mehta Story" Matador (TV Episode 2020) - IMDb, retrieved 2021-08-10

Further reading[]

  • The Scam: Who Won, Who Lost, Who Got away?, Sucheta Dalal and Debashis Basu, Paperback, 314 pages, UBS Publishers Distributors, 1994, ISBN 81-86112-75-8
  • Polyester Prince-The Real Story of Dhirubhai Ambani, Hamish McDonald, Paperback, 296 pages, Allen & Unwin Pty., Limited (Australia), September 1999, ISBN 1-86448-468-3
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