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The “Clean Slate” That Was Engineered: How IBC’s Section 32A Enabled the DHFL–Piramal Takeover

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  The “Clean Slate” That Was Engineered: How IBC’s Section 32A Enabled the DHFL–Piramal Takeover Posted on 24th February, 2026 (GMT 06:25 hrs) An Independent OBMA Investigative Exposé ABSTRACT The DHFL insolvency resolution, culminating in its acquisition by Piramal Capital and Housing Finance (now Piramal Finance) and the February 2, 2026, Mumbai PMLA Special Court discharge from a ₹5,050 crore money-laundering case under Section 32A of the Insolvency and Bankruptcy Code (IBC), exemplifies alleged systemic flaws in India’s insolvency framework. This “clean slate” immunity extinguished corporate criminal liability for pre-CIRP offences while preserving prosecution against former promoters like the Wadhawan brothers, despite their ignored full-repayment proposals. Critics portray the process—marked by retrospective Section 32A insertion in December 2019 just before DHFL’s CIRP admission, Ajay Piramal’s January 2019 “shock” prediction preceding the Cobrapost exposé, massive cred...
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Stones, Frogs, and Divine Dividends: Piramal’s Philanthro-Capitalist Lila

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  Stones, Frogs, and Divine Dividends: Piramal’s Philanthro-Capitalist Lila Posted on 22nd February, 2026 (GMT 08:48 hrs) ABSTRACT This incisive satirical exposé reinterprets Aesop’s fable of boys throwing stones at frogs as a metaphor for the Piramal Group’s “doing well by doing good” brand of philanthro-capitalism. Blending fable, philosophy, and forensic critique, the piece dissects how corporate strategies cloaked in Vaishnava discourse and Gandhi-branded CSR have enabled empire building that yields profitable acquisitions and regulatory clearance while exacting severe costs from ordinary depositors, small investors, and vulnerable communities. Using the DHFL insolvency resolution as the central case study, it reveals how retail creditors endured steep haircuts, potential fraud recoveries were acquired for a token amount, and corporate reputation was polished through strategic philanthropy and market optics—even as environmental and social harms persist. The narrative extends i...
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