How One Legendary Diamond Rescued Tata Steel from Financial Crisis: A Riveting Tale of Survival and Triumph
Following the death of Sir Dorabji Tata, the Jubilee diamond was sold to establish the Sir Dorabji Tata Trust, according to the Tata Group.
Lady Meherbai Tata, a trailblazing feminist icon in India, distinguished herself through impactful actions. In his book, #Tatastories, Harish Bhat narrates Lady Meherbai Tata’s crucial role in saving Tata Steel during a financial crisis. Sir Dorabji Tata, the elder son of Jamsetji Tata, had purchased the 245.35-carat Jubilee diamond for his wife in the early 1900s, costing around £100,000. The diamond, set in a platinum claw on a platinum chain, was reserved for special occasions.
However, by 1924, Tata Steel faced severe financial constraints, struggling to pay employee wages. Demonstrating unwavering commitment, Sir Dorabji and Lady Meherbai Tata pledged their entire personal wealth, including the Jubilee diamond, to the Imperial Bank to secure necessary funds. This extraordinary sacrifice ensured Tata Steel’s recovery and prevented job losses. The company’s financial turnaround was swift, with no layoffs occurring during that challenging period.
In addition to her financial acumen, Lady Meherbai Tata made significant contributions to social reforms. She played a key role in shaping the Sharda Act, or the Child Marriage Restraint Act of 1929, advocating passionately both in India and abroad. A prominent member of the National Women’s Council and the All India Women’s Conference, she also championed women’s rights in crucial public forums.
On November 29, 1927, Lady Meherbai Tata advocated for the Hindu Marriage Bill in Michigan. She demanded equal political status for women during the All India Women’s Conference in 1930. Her influence was so notable that the International Women Suffrage News in London reported in 1921 on the Legislative Council of Bombay’s resolution supporting women’s suffrage, highlighting a significant meeting at Wilson College Hall in Bombay, presided over by Lady Tata, which called for women’s enfranchisement.
Original Story https://www.dnaindia.com/viral/report-how-diamond-twice-the-size-of-kohinoor-had-once-saved-ratan-tata-s-tata-steel-lady-meherbai-3096075
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