DHFL “Scam” Circus: The Great Hotchpotch

DHFL “Scam” Circus: The Great Hotchpotch

Posted on 16th February, 2025 (GMT 09:30 hrs)

ABSTRACT

The article dissects the DHFL case with flowcharts, posters, and satire. It highlights corporate maneuvers, particularly Ajay Piramal’s acquisition of DHFL through PCHFL. This was followed by mergers and demergers, which the article describes as a strategic legal-financial move, especially after the CBI cleared the Wadhawan brothers of wrongdoing. The article also addresses legal confusion, noting that misrepresentation regarding legal counsel led to an apology to Kapil Sibal and A.M. Singhvi, clarifying that they have always represented the Wadhawans, not Piramal’s PCHFL. Lastly, it critiques the state-corporate nexus, arguing that the RBI-appointed Committee of Creditors (CoC) and the Corporate Insolvency Resolution Process (CIRP) primarily benefited corporate entities at the expense of small investors. Comparing the DHFL saga to a Bollywood thriller, the article urges readers to closely examine the accompanying visuals to fully grasp the scale of the alleged scam.

This post features a collection of flowcharts or series of posters, each accompanied by elucidatory comments. These flowcharts and posters aim to address the various confusing and perplexing issues related to the current state of the DHFL “scam” as perceived by some of the DHFL victims, i.e., the victims of apparently predetermined state-corporate financial abuse.

We urge viewers and readers to attentively grasp the essence of each poster and its corresponding commentary to unveil the anatomy of the most unprecedented financial “scam” in post-independent India’s history!

This state of apparently intractable confusion surrounding the DHFL “scam” circus at present resembles the complicated dynamics present in mainstream Bollywood commercial films, featuring various heroes and villains or anti-heroes and villains. A humorous illustration of such a phenomenon can be found in Satyajit Ray’s Feluda story, The Bandits of Bombay, as follows:

‘Don’t worry, I’ll give you a formula,’ Feluda reassured him. ‘Double roles are very popular these days, aren’t they?’
It turned out that Lalmohan babu didn’t even know what a double role was.
‘Sometimes, there are two heroes in a film, who look identical.’
‘You mean twins?’
‘Yes, they can be twins; or just two men who look similar, but are not related. They may look the same, but one of them is good, the other is evil. Or one is bold and strong, the other is meek and mild.
Generally, that’s what you’d find in a film. You could be a little different, and instead of having just one pair of twins, you could have two. Hero number one and villain number one could be the first pair; and hero number two and villain number two could be the second. At first, the audience need not be told about the second pair. It can be a secret. Then . . .’
Lalmohan babu interrupted him. ‘Wouldn’t that make things far too complicated?’ (Taken from The Complete Adventures of Feluda, Vol. I, Penguin Books; Translated from Bangla by Gopa Majumdar)

Yes, it would certainly be quite “complicated” to navigate through all these layers of recognition, dismissal and remembrance!

Now, when discussing the DHFL “scam,” we must first address the following points:

I. The Height of Confusion Unfolds: Magical Mergers

Now, assuming we consider the clean chit granted by the CBI to the Wadhawans in January 2025 to be valid, all the nautanki surrounding the RBI-appointed CoC “has already been” rendered irrelevant, or has been proven non-existent and ineffective throughout the timeline from 2019 to 2025. Consequently, the CoC’s entire CIRP would merely amount to a circus of cheating or duping the small investors of DHFL!

The entire episode of Mr. Piramal claiming to “own” DHFL through his unlisted company PCHFL, and when PCHFL faced numerous complicated legal challenges, it was strategically merged with the listed company PEL— all of this would prove to be fruitlessly illegal, given the implications of the CBI’s 2025 closure report!

Piramal the King of (De)Mergers: Cat/Mārjāra is Out of the Bag!

Moving forward, we stumble upon another confusion here:

II. The Perplexity of Legal Pleading in the DHFL Cases: Who is Representing Whom, and What?

We, the DHFL victims, are deeply perplexed about who is representing whom in the concurrent DHFL cases, especially given the parallel merger-demerger rhetoric driven by Mr. Piramal’s corporate alchemy.

Previously, this confusion led us to mistakenly accuse Kapil Sibal and A. M. Singhvi of “representing Piramal’s PCHFL.” However, did they actually do so? It appears they were consistently representing the Wadhawans, and the confusion arises solely from the unresolved status of DHFL being deemed identical to PCHFL! Hence, we hereby issue an official apology from the OBMA to both these learned and revered legal professionals, viz., Mr. Sibal and Dr. Singhvi.

Moving on, we also find the following with regard to the “indeterminacy” of the legal status of certain other DHFL cases in relation to Mr. Piramal’s questionable actions in this regard, following the non-violent web-based civil disobedience movement carried forth by a handful of the DHFL victims:

Is this a Schrödinger’s Cat Problem? How can something “be there” and yet officially NOT “be there” at the same time of being perceived? The thick line between de jure and de facto has been blurred. Does this scenario somehow bring down or elude the empire of the Law of Excluded Middle or thinking through binary options?

III. The (Il)logical Obstacle

Let us somehow attempt a more logical exposition of this state of affairs:

X exists in a state of non-X, while non-X simultaneously embodies X—what’s the underlying dilemma? We struggle to discern the distinctions between DHFL, PCHFL, and PEL in either scenario!

IV. Question-in-Conclusion

We are having a splitting headache after going through these uncontradictory contradiction points!

Perhaps we need to apply Piramal Pharma’s Saridon!

Oh no, Piramal Pharma also underwent several mergers and demergers to come into existence. First was Nicholas Piramal, followed by Piramal Healthcare, then Piramal Enterprises, and finally, Piramal Pharma! What triggered these changes? Did a situation similar to DHFL arise within Mr. Piramal’s pharma division? Yes, the Digwal Affair⤡. We have discussed that numerous times, and observant readers and viewers are sure to take note!

What is up with this recurrent corporate schizophrenia⤡? Does it stem from an underlying guilt consciousness that makes one evade all legal or social accountability?

Perhaps, Mr. Piramal needs to apply his own Saridon, given that his shares (both PEL and PPL) are behaving bearishly since the past couple of months!

In conclusion, addressing these complex and nuanced phenomena requires the utmost attention from the DHFL victims if they are to establish a solid foundation or platform for justice in their battle against the crony oligarchical Goliath. It necessitates thoughtful consideration of legal thresholds, heightened awareness of politico-corporate manipulations, and the courage to break free from a state of paralyzing indecision.

Let’s hope for the best, while Mr. Piramal is apparently losing the test!

SEE ALSO:

https://onceinabluemoon2021.in/2025/02/01/piramal-bound-the-dhfl-gordian-knot-movie/

https://onceinabluemoon2021.in/2025/01/28/the-dhfl-scam-an-absence-that-exists/

https://onceinabluemoon2021.in/2023/11/28/dear-mr-ajay-piramal-i-wanna-be-arrested/

https://onceinabluemoon2021.in/2025/01/20/a-reflexive-question-answer-session-on-the-dhfl-scam/