The DHFL Scam: An Absence That Exists

The DHFL Scam: An Absence That Exists

Posted on 28th January, 2025 (GMT 10:02 hrs)

ABSTRACT

The article critiques the handling of the DHFL scam, highlighting how FD and NCD holders remain uncompensated despite the CBI clearing the Wadhawan brothers. It condemns the IBC process, RBI-led CoC, and BJP’s indifference, alleging that Ajay Piramal, now controlling DHFL, benefited through political ties. The merger of DHFL into PEL creates legal ambiguities, leaving victims in limbo. Key questions remain: Will Piramal sustain this paradox? Can Wadhawans reclaim DHFL? Will victims ever get justice? The saga reflects systemic failures and corporate overreach.

Despite the CBI’s recent 2025 closure report clean chit to the Wadhawan brothers, the real victims of this saga—the FD and NCD holders—continue to endure their own “capital punishment.”

The Insolvency and Bankruptcy Code (IBC) 2016, an ill-conceived, costly mechanism, punished not just the debtors but also the stakeholders, turning justice into an elusive mirage.

The RBI-appointed Committee of Creditors (CoC) has methodically ensnared the sacrificial guinea pigs, the DHFL victims, in a grim guillotine—a chilling spectacle, reminiscent of a scaffold that post-independent India has never before beheld.

Along the arduous journey, the crony ruling party, the BJP, has remained deaf to the anguished cries of the DHFL victims echoing from every corner, tending only to its self-serving, profiteering interests.

Mind that Mr. Ajay Piramal, who claims he “owns” DHFL now, is intricately woven into the tapestry of controversy, having been implicated in the nefarious Flashnet Scam and the dubious Electoral Bonds Scam in tacit collusion with the BJP. Moreover, he finds himself enmeshed within the shadowy corridors of the PM CARES Fund, an entity that straddles the precarious line between governmental and non-governmental realms, raising eyebrows and questions alike.

In an act of corporate alchemy, Ajay Piramal’s allegedly coercive, adverse possession transformed DHFL into PCHFL. Now, through a merger with Piramal Enterprises Limited (PEL), both entities—DHFL and PCHFL—hover in a state of Schrodinger’s paradox: they exist and simultaneously do not exist. They appear as ungraspable, yet very much “real” spectres or phantoms. The ghost of DHFL is still haunting from the perspective of the victims, and the ghost never dies!

The trajectory from DHFL to PCHFL, culminating in PEL, weaves a web of complexity and confusion. The de jure and de facto realities of these merging endeavors are enshrouded in a fog of ambiguity, each thread intertwining in a dance of uncertainty, revealing a landscape where clarity is but a fleeting whisper: Acche Din is indeed here!

The existential questions loom:

• Will Ajay Piramal’s crony corporate manoeuvres sustain this paradox?
• Can the Wadhawan brothers reclaim their company?
• Will justice ever reach the DHFL victims, viz., the lakhs of FD and NCD holders, in the form of dues and compensation?

This tale of systemic failures, legal absurdities, and corporate overreach remains unresolved. Is it time to get justice with real accountability?

SEE ALSO: