Grandson of 1st finance minister now in home for elderly

CHENNAI: At first glance, 81-year-old Jagadheesh could pass off as just another senior citizen battling loneliness at a private home for the elderly in the city. But a few minutes of conversation will convince one there is more than what meets the eye. Primary among them was an illustrious lineage. Grandson of the country's first finance minister R K Shanmukham Chetty, all Jagadheesh now owns are sepia-tinted memories of a sunny past.
The bachelor, who once lived in a 14-bedroom house in Coimbatore, now shares a hall in a Kilpauk home for the elderly with 22 others. "I have seen both extremes of a human being — poorest and richest. But I don't have regrets," says Jagadheesh, now known as Paul Jagadheesh after he converted to Christianity.
Jagadheesh says his family was traditionally wealthy. "My father operated four outlets of Burmah Shell, now known as Bharat Petroleum, in Coimbatore, owned Shanmuga Theatres and financed movies."
So, how did a family member of the man who presented independent India's first budget end up in a home for the elderly? "I am to blame. After joining college in 1933, I became a regular drinker and remained so for 50 years. I frittered away Rs 40 lakh of assets, including properties in Chennai, Ooty and Coimbatore, for imported alcohol and cigarettes," he says, wiping his spectacles.
His friends left after his wealth vanished. He was found unconscious in a Kilpauk park on August 3, 1998 by a family friend and taken to the old age home where he says he has finally found peace. "I gave up drinking and smoking 15 years ago. I don't ask my relatives to visit me or send money."
R K Shanmukham Chetty resolved the ‘sterling crisis,' managing to get a huge amount from the then British administrators. He also served as the Diwan of Cochin. Says Jagadheesh: "My grandfather had a lot of determination. Nehru made him finance minister even though he was in the Justice Party."
He remains optimistic though the country is going through a financial crisis. "I believe our Prime Minister and finance minister can overcome this crisis as they are experts. Inflation doesn't mean the country is in crisis. It is a sign of the country's growth as a superpower as now even daily wage workers are earning more than Rs 500 a day," says Jagadheesh, closing the gate of the private home.