Wacha, Dinshaw Edulji: Premchund Roychund: his early life and career (Bombay, 1913)

large loan which Mr. Premchund required
was his great solicitude to save the
Asiatic Bank which was then on the verge
of bankruptcy. The manager of that
bank was present at the meeting of the
Bank Managers referred to. Of course,
he supported the making of the advance,
for Mr. Premchund was immediately to
hand over 15 lakhs of it to him to enable
him to tide over the bank's own diffi-
culties. There were at the time wheels
within wheels. The Bombay Bank
thought that in advancing the loan to
Mr. Premchund the other bank would
also be protected. And were such
the case the crisis might be got
over. That, however, never came to
pass. It only showed the blind folly
of the Directors, themselves almost
involved heavily, in sanctioning the loan.
They knew little that Mr. Premchund's
vessel was sinking and not all the monies
they might advance would go to save
that perilous situation. In fact, the bank

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