You’re all caught up: RBI-appointed CoC for DHFL

 You’re all caught up: RBI-appointed CoC for DHFL

Posted on 04/12/2022

Updated on 09/12/2022

1Addressed to: Mr. Shaktikanta Das, the Governor, the Reserve Bank of India

Now you are enjoying the advice of four unofficial directors⤡. However, when you were alone, you have blindly passed the Resolution Plan of CoC for the DHFL on 18/02/2021. At that time, why didn’t you see what had been seen by the NCLT first order ⤡ and the NCLAT second order⤡ on the DHFL Scam. We are rephrasing this question as follows:

a) You don’t see any irregularities and anything contrary to law as mentioned by NCLAT Second Order.

“…the said Resolution plan and the minutes of the 18th CoC meeting were contrary to law, illegal and are void…”

NCLAT Second Order (p. 7), 27/01/2022

Furthermore,

b) Why didn’t you consider the old promoters’ (in this case, Mr. Kapil Wadhawan’s) right to invoke personal guarantees when his/her company goes insolvent?

Bankruptcy will not void personal guarantees: Supreme Court VIEW HERE  (As reported on May 22, 2021 ©The Times of India)

Why didn’t you anticipate cases such as the following?

The Director of DHFL was not allowed to attend the CoC meetings.

It is well settled that it is the commercial decision of the CoC which is paramount in the CIRP. The Appellant who is the suspended Director of the Corporate Debtor, who has already submitted Settlement Proposal was permitted to participate in the meeting of the CoC (which is apparent from the minutes of the CoC brought on record).

We are of the view that the Appellant who was representing the Corporate Debtor and has submitted the Settlement Proposal is entitled to participate in deliberation and negotiation undertaken by the CoC. The CoC can very well ask the Resolution Applicants to revise their plans; similarly, the Appellant can always be asked to revise his proposal to match the Resolution Applicants’ Offer. It goes without saying that ultimate decision lies with the CoC.

We are thus of the view that carrying out purpose and intendment of the judgment dated 04.07.2022 in the above-mentioned case, the CoC is to deliberate on the two Resolution Plans received in the CIRP as well as Settlement Proposal under Section 12A submitted by the Applicant/Appellant and thereafter to take a final decision. The CoC is also fully entitled to negotiate with the Resolution Applicant as well as the Appellant to optimise the maximum value.

However, the CoC did not do so and went according to the predetermined plan in a biased way.

Therefore, long ago, we demanded your expulsion from the RBI on the basis of reasons described in this appeal:

Demanding Expulsion of Mr. Shaktikanta Das, Governor, The Reserve Bank of India: A letter to the President of India VIEW HERE ⤡

2. Addressed to: Mr. R. Subramaniakumar, The former Administrator, Dewan Housing Finance Corporation Limited (DHFL) and Mrs. Charu Sandeep Desai, the Authorized Representative of the FD Holders, DHFL

Despite the fact that the Standing Committee of the Parliament as well as the Finance and Corporate Affairs Minister, GOI, questioned the efficacy of the CoC and its conduct, both of you had ignored the above-mentioned points (a) and (b).

Standing Committee on Finance raps IBC over unsustainable haircuts, says 13,000 cases worth Rs 9 lakh crore pending VIEW HERE  (As reported on August 03 2021, ©Moneycontrol)    

IBC: Govt. working with RBI on CoC’s conduct VIEW HERE  (As reported on 27th August, 2021 ©The Hindu, PTI)  

Impossible to accept 95% haircuts for banks under IBC: Sitharaman  VIEW HERE  (As reported on 1st October, 2022 ©The Hindu) 

When the old promoter was ready for 100% repayment of all the creditors, you had repeatedly ignored his appeals. Why? What are you vested interests?

Is Piramal more equal than the others?⤡

Moreover, you had accompanied Piramal when the latter moved to the NCLAT by challenging the NCLT First order. Was it not a contempt of court to disobey altogether the first verdict of the NCLT, which wanted you to answer within 10 days on the settlement proposal of Mr. Wadhawan?

Why did you go to the NCLAT so hurriedly? What was your motive & intention?

Therefore, we demand you to immediately Return the Fees that you took for executing your role during the CIRP of the DHFL. You have no right to spoil the taxpayers’ money, moving by a politically predetermined intention to handover DHFL to Piramal, a secondary kin of  the Indian ruling party’s favoured business tycoon.

We have already revealed the big conspiracy behind the biggest financial scam of India, which no Godi Media⤡ ever dared to cover:

3. Addressed to: Mr. Narendra Modi, the Hon’ble Prime Minister, Government of India

We don’t say that the Wadhawan brothers are innocent in any manner. However, when the Bandra Branch of DHFL was opened to create fraudulent accounts after the Demonetization (2016), we are earnestly requesting you to admit that either demonetization is successful or the DHFL Scam did not happen. Furthermore, the failure of PAN-Aadhaar and Bank Account linking process either proves that the Demonetization is “Okay” with the structural pattern of banking paraphernalia or it is a failure of the governance and its surveillance as well.

AN OPEN LETTER TO MODIJI: THE HORNS OF THE DEMONETIZATION DILEMMA VIEW HERE ⤡

We demand only the humble admission of the facticity of such dilemmas on your part. As it is alleged that terror-funding or political donation is involved in this case, if true, what’s your (being a member of the richest political party of India) problem with the Wadhawan brothers? Did they give less donations to your party? The 28 crore worth of donations may not have satisfied your demands or the Wadhawan brothers donated more money to your opponent party; perhaps that’s what made you all angry on them!

False allegations on the collusion among the BJP, Dawood-Mirchi and the DHFL: A Letter to the BJP President VIEW HERE ⤡

AN RTI ON THE ALLEGED COLLUSION AMONG DAWOOD-MIRCHI-RKW-DHFL-BJP VIEW HERE 

4. Addressed to: Mrs. Niramala Sitharaman, the Hon’ble Finance and Corporate Affairs Minister, Government of India

Dear Madam,

Why didn’t you pay any heed to the Standing Committee’s instructions of Finance Raps, as promised by you?

IBC: Govt. working with RBI on CoC’s conduct VIEW HERE ⤡ (As reported on 27th August, 2021 ©The Hindu, PTI)  

We can’t let IBC lose its sheen: FM Sitharaman VIEW HERE ⤡ (As reported on 1st October, 2022 ©The Financial Express) 

Was it merely lip service without implementing without the Standing Committee’s directives?

Impossible to accept 95% haircuts for banks under IBC: Sitharaman  VIEW HERE ⤡ (As reported on 1st October, 2022 ©The Hindu) 

The DHFL Victims are not criminals but they are being harshly punished by this different kind of “capital” punishment. The repercussions of any fault of governance should not be borne by the common citizens.

5. MORAL OF THE STORY

In the context of crony capitalism, the donor-receptor relationship is peculiar enough. Political parties take donations (sometimes by deploying international terrorist gangs) from the Business tycoons. As a compensatory process. business tycoons are bound to launder money by taking resort to unfair means. In this type of chain of corruption, common people are made to suffer. In this this context of crony and monopoly capitalism, the game of money-signifer goes in favour of the few persons, minority business tycoons and the state is minimalized. There should be an end to such malpractices for the sake of our forthcoming generations.

One generation will have to bear the cost of what Modi has done: Ashis Nandy analyses the election verdict VIEW HERE ⤡ (As reported on 20th June, 2019 ©The Caravan)

We therefore demand the right to recall along with proportional representation (instead of the plurality system) to preserve the democratic becoming of the federal nature of the union of states that is India.

Comments

Popular posts from this blog

None Kept One’s Words: Modiji’s Promises

THE NARRATIVE(S) OF DHFL “BETTING”, SORRY BIDDING!

Dear Mr. Ajay Piramal, I Wanna Be Arrested!