An overdraft for a ‘special case’

The Congress party admitted recently that it had extended an interest-free loan to an ailing Associated Journals Limited (AJL). Without going into the furore that surrounded the whole affair, it will be interesting to recall the story of an overdraft that a public sector bank had extended to the same company more than 36 years ago, during the darkest part of the 1975-77 period of the Emergency — a matter that later came under the adverse notice of the Shah Commission of Inquiry.

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