Complaint against the alleged frauds by the RBI-appointed CoC for DHFL: letters to the SFIO
Complaint against the alleged frauds by the RBI-appointed CoC for DHFL: letters to the SFIO
Posted on 08/03/2023
Updated on 09/03/2023 (IST 00:03 hrs)
LETTER 1:
To
The Director,
The Serious Fraud Investigation Office (SFIO)
Sub: Complaint against the alleged frauds by the RBI-appointed CoC for DHFL
Dear Sir/Madam,
This is for your kind attention regarding the RBI-appointed Committee of Creditors (CoC) for the Dewan Housing Finance Corporation Limited (DHFL), which was constituted in November 2019. Throughout the time of 19 consecutive CoC meetings (by spoiling public money), we, the FD and NCD Holders of the DHFL, had felt uncomfortable about certain issues. Those questions might be negligible but those points trigger a larger issue of fraudulent behaviour on the part of the CoC for DHFL. Therefore, we, the aggrieved DHFL victims, wrote our hunches to the concerned authorities.
The letters are given as follows:
- SMELLING THE RAT IN THE DHFL-COC RESOLUTION PROCESS: A LETTER TO THE PRESIDENT OF INDIA VIEW HERE⤡
- PLEASE COMPOSE AN OBITUARY FOR THE RBI-APPOINTED COMMITTEE OF CREDITORS (COC) FOR THE DHFL VIEW HERE⤡
After a long suffering period of almost two years, we have got two serious documents that prove our conjectures (raised through the above articles): NCLT first order (19/05/2021) and NCLAT second order (27/01/2022) on the DHFL issue. We are happy to note that both these quasi-judicial bodies clearly supported our hypotheses (deploying the arthapatti pramana or knowledge through postulation) regarding the CoC for the DHFL.
1. The role of the RBI Governor is to be questioned in this regard for his hurried approval of the RP of Mr. Ajay Piramal on 18/02/2021 as it was afterwards branded as “contrary to law” (see below, point 3) by the NCLAT second order. The appointment of four additional unofficial directors proves the fact of the Governor, an MA in History, is unable to tackle the grave situation of the Indian economy. Hence, some of the victims of the DHFL scam questioned the credibility of the RBI Governor altogether:
2. NCLT first order (19/05/2021) stated that the old promoter’s settlement proposal (providing for 100% repayment to all the creditors) should be (re-)considered by the CoC within 10 days; but the successful bidder, viz., Mr. Ajay Piramal, along with the CoC and Union Bank of India, rushed to the NCLAT to nullify this order without answering NCLT in the first place. It is clearly a case of contempt of court. It is also to be noted that Bankruptcy will not void personal guarantees: Supreme Court VIEW HERE (As reported on May 22, 2021 ©The Times of India).
Download NCLT ORDER ON DHFL-COC
3. NCLAT second order (27/01/2022) found many irregularities and illegalities in the CoC’s resolution process, especially the way the CoC ignored the Section 66 of the IBC that provides for the benefit of all the creditors.
NCLAT-order-27-01-2022-1Download
Moreover, the acquisition of an ongoing profitable concern, i.e., DHFL, by Piramal by paying only a rupee further problematizes the entire state of affairs. Section 32A of the IBC is not to be considered for the reasons of Section 66.
Piramal-DHFL: A Twist in the Sale VIEW HERE ⤡
Here are some portions from the aforementioned NCLAT judgment:
Therefore, we wrote another article where all the alleged fraudulent behaviour of the DHFL-CoC and others were exposed:
You’re all caught up: RBI-appointed CoC for DHFL VIEW HERE ⤡
To understand the whole scenario of the DHFL scam in a much more detailed manner, kindly go through the following documents:
1. A WHITE PAPER ON THE DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL) VIEW HERE ⤡
2. THE CHRONOLOGY OF THE DHFL SCAM VIEW HERE ⤡
We are therefore earnestly requesting you to consider this particular case to found out or otherwise seriously investigate the alleged frauds committed by the RBI-appointed CoC for DHFL. We have already informed the CVC, CBI, ED, NIA ⤡ as well as the NHRC⤡ about this matter. It is a matter of regret that the NHRC, without knowing the International Law regarding financial abuse or the curtailment of business-related rights, grossly misinterpreted the event of DHFL scam. We hope that you will entertain our plea accordingly.
Thanking you in anticipation,
Yours Sincerely,
Dr. Debaprasad Bandyopadhyay
Mrs. Rupa Bandyopadhyay
Mr. Akhar Bandyopadhyay
A Victimized Family of Bewildered, Beleaguered, Perplexed, Anguished, Anxious, Hapless, Helpless and Ailing DHFL FD Holders
ON BEHALF OF ALL ANGUISHED, AILING DHFL FD, NCD AND SHAREHOLDERS [USUAL DISCLAIMERS APPLY]
बहुजनहिताय बहुजनसुखाय च॥
(“For the happiness of the many, for the welfare of the many”)
LETTER 2 (ADDENDUM):
Dear Sir/Madam,
This is also to inform you that Dr. Subramanian Swamy has already filed a case against RBI’s incumbent Governor and the RBI as a whole:
RBI Governor Shaktikanta Das involved in ‘corruption’, alleges Subramanian Swamy VIEW HERE ⤡ (As reported on 22nd December, 2018 ©The Indian Express)
The problem is that the stature of the applicant does not influence the slowcoach manner of the court.
We are highly appreciating your multidisciplinary approach in dealing with the problem-areas. When we are talking about interdisciplinary studies, or otherwise, convergence of subjects, it is highly commendable that the court of judgement does not ignore the academic matters in any dispute.
Yours Sincerely,
Dr. Debaprasad Bandyopadhyay
Mrs. Rupa Bandyopadhyay
Mr. Akhar Bandyopadhyay
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