Calling the NHRC to Break the Silence on DHFL Victims: An Open Letter to Justice Ramasubramanian

 Calling the NHRC to Break the Silence on DHFL Victims: An Open Letter to Justice Ramasubramanian

Calling the NHRC to Break the Silence on DHFL Victims: An Open Letter to Justice Ramasubramanian VIEW HERE ⤡

Posted on 11th January, 2025 (GMT 17:22 hrs)

ABSTRACT

An open letter dated January 11, 2025, addresses Justice V. Ramasubramanian, the newly appointed Chairperson of India’s National Human Rights Commission (NHRC), urging immediate action on behalf of victims of the Dewan Housing Finance Corporation Limited (DHFL) scam. The letter criticizes the NHRC’s previous dismissal of complaints from DHFL’s fixed deposit and non-convertible debenture holders, who suffered significant financial losses due to the company’s collapse. It argues that these grievances fall under human rights violations as per the United Nations Guiding Principles on Business and Human Rights, specifically concerning the right to an effective remedy. The letter also highlights India’s declining human rights record, referencing the NHRC’s delisting from the Global Alliance of National Human Rights Institutions in recent years, and calls for the Commission to uphold its mandate by addressing the injustices faced by DHFL victims.

To

Justice V. Ramasubramanian,
The Honourable Chairperson,
National Human Rights Commission (NHRC),
India

Subject: Appeal for Addressing the Human Rights Violation in the DHFL FD and NCD Holders’ Case

Dear Sir,

At the outset, we congratulate you on assuming the Chair of the NHRC as your post-retirement job, a position that has regrettably remained a “presence in absence” for years. It has been observed that Post-retirement jobs often hinge on the patron-client dynamics between the executive and the judiciary. The once robust wall separating these two pillars has now crumbled.

We acknowledge the challenges of leadership in this crucial institution in purportedly the world’s “largest” democracy. However, it is with great concern that we address the deteriorating status of human rights in India, as reflected in NHRC’s delisting from the Global Alliance of National Human Rights Institutions (GANHRI) in 2016, 2023, and 2024. This development highlights a worrying trajectory for human rights in India, further evidenced by India’s declining position in global human rights index⤡, wherein India currently occupies the 109th position out of 165 countries as of 2024.

We write to draw your attention to a specific instance of compromised human rights: the plight of Dewan Housing Finance Corporation Limited (DHFL) Fixed Deposit (FD) and Non-Convertible Debenture (NCD) holders.

Following the verdicts of the NCLT (19/05/2021) and NCLAT (27/01/2022) in the DHFL case, the systemic injustices against these small investors have been starkly exposed. Despite exhausting domestic remedies, justice has remained elusive, prompting us to formally approach the Office of the High Commissioner for Human Rights (OHCHR) for redress under international law, the vanishing point of jurisprudence. If the Supreme Court of India’s reserved verdict on the DHFL cases would turn out to be negative for the DHFL victims, the ultimate resort shall be the United Nations’ Human Rights bodies.

It is disheartening to recall that our earlier appeals to the NHRC was dismissed on grounds that this issue pertains to contractual property rights, which, one must keep in mind, are not part of India’s fundamental rights.

However, under the United Nations Guiding Principles (UNGP) on Business and Human Rights⤡, such grievances squarely fall within the ambit of human rights concerns. The principle of “Access to Remedy” enshrined in the given UNGP explicitly obliges states and businesses to address grievances of this nature.

The DHFL case represents a significant financial abuse, (the most unkindest cut of all) exacerbated during the COVID-19 pandemic⤡, with no relief extended from dubious funds such as the PM CARES Fund, which could have supported vulnerable investors. The neglect of small investors in such scenarios not only violates their economic rights but also undermines broader principles of justice and accountability.

We humbly appeal to you to reconsider this matter and take proactive measures to restore the human rights in relation with business-related financial abuse for DHFL investors, adhering to the UNGP framework. Such action would reaffirm NHRC’s commitment to its mandate and bolster its credibility domestically and internationally.

Yours Most Sincerely,
A Victimized Family of DHFL FD Holders,

On Behalf of Once in a Blue Moon Academia (OBMA)⤡

P.S. We have already informed the OHCHR regarding this matter and have copied this correspondence to them for reference.

Copy to:

1. Office of the High Commissioner for Human Rights (OHCHR), United Nations
2. The Honourable Chief Justice of India, Supreme Court of India
3. The Honourable Minister of Law and Justice, Government of India

The above letter has been sent to the concerned authorities with a covering letter, which is being given as follows:

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