Dear DHFL Victims, Share Your Grievances with “Awaaz Bharat Ki”

Dear DHFL Victims, Share Your Grievances with “Awaaz Bharat Ki”

Posted on 8th April, 2025 (GMT 20:15 hrs)

ABSTRACT

The article urges victims of the Dewan Housing Finance Corporation Limited (DHFL) collapse to submit their grievances via the Leader of the Opposition’s portal, Awaaz Bharat Ki. It alleges the DHFL crisis was a politically orchestrated scam allegedly benefiting industrialist Ajay Piramal through a “quid pro quo” with the BJP. The article highlights the plight of fixed deposit and non-convertible debenture holders—especially vulnerable groups like senior citizens, widows, the disabled, and charitable trusts—who lost their savings due to DHFL’s fraud. A timeline traces events from the 2019 exposure of financial irregularities to ongoing legal proceedings in 2025, criticizing the RBI-appointed Committee of Creditors for a biased resolution process. The article proposes five remedies: (1) ending crony capitalism and dismantling BJP-industrialist collusions (Ambani, Adani, Piramal); (2) Supreme Court intervention to ensure justice; (3) launching mass protests and social media campaigns for accountability; (4) securing judicial autonomy by separating it from executive control; and (5) scrapping the Insolvency and Bankruptcy Code (2016), citing its misuse in DHFL’s case. It closes with a call for distributive justice through collective resistance and systemic reform.

The following appeal, with slight modifications, has been submitted by various members of the OBMA through the Leader of the Opposition’s portal, “Awaaz Bharat Ki”⤡, to highlight the unprecedented nature of the DHFL “scam.” This event is alleged to be a politically engineered move by the BJP to serve the profit-driven interests of a select crony capitalist, Mr. Ajay Piramal, through a questionable “quid pro quo” arrangement. It is claimed that Piramal’s “services” to the BJP—via the Flashnet Scam and Electoral Bonds Scam—were rewarded with the DHFL as a “return gift.” The text below is divided into two sections: the problem and potential solutions.

Any DHFL victim is encouraged to copy-paste this appeal on the said portal (or make a text appeal of their own, keeping this as the reference point), turning it into a unified, coordinated effort to ensure the Opposition can effectively challenge the unjust BJP regime.

It must be emphasized that OBMA does not endorse any current or former political party in India or globally. It remains a staunchly non-partisan political activist group, rooted in anarchist traditions of anti-establishment resistance.

TEXT OF THE APPEAL

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THE PROBLEM:

Lakhs of DHFL Fixed Deposit (FD) and NCD holders—senior citizens, widows, the physically challenged, and institutions like the Air Force and UPPCL—trusted their life savings to a company that collapsed under alleged fraud. In January 2019, billionaire Ajay Piramal predicted NBFC shocks, just before Cobrapost exposed DHFL’s financial irregularities, including terror-funding and political nexus allegations through the BJP. By October 2019, the Bombay High Court halted payments to FD/NCD holders. DHFL entered insolvency (November 2019), its board was removed, and a Committee of Creditors (CoC) formed. Promoter Kapil Wadhawan’s full repayment offer was rejected (December 2020), while Piramal won a bidding war amid bias claims (January 2021). RBI approved Piramal’s plan (February 2021), despite NCLT ordering reconsideration of Wadhawan’s offer (May 2021). NCLAT overturned this (May 2021), and NCLT approved Piramal’s plan (June 2021), giving FD holders just 23% of their dues. In 2022, NCLAT ruled the CoC’s actions illegal, but the Supreme Court stayed this (April 2022) and upheld Piramal’s plan (April 2025), despite CBI clearing Wadhawan (January 2025) of all allegations of criminal conspiracy. Victims, unable to protest in India’s crony capitalist system under the BJP, still await justice after five years, their faith in the judiciary shattered.

THE SOLUTION(S):

1. End Crony Capitalism: Break BJP’s nexus with Ambani, Adani, and Piramal, per Article 39(c), curbing wealth concentration and upholding the Constitution’s socialist ethos.
2. Supreme Court Review: Push for suo motu action under Article 142 (complete justice) and Article 32 (remedies) to revisit DHFL, safeguarding Article 21 (livelihood) and UN principles on “financial abuse” and “access to remedy.”
3. Mass Movement: Spark protests and social media drives, inspired by Bharat Jodo Yatra, to expose the RBI-appointed CoC’s corruption, flagged by NCLAT (January 2022), and demand reform.
4. Judicial Autonomy: Enforce Article 50 (judiciary-executive separation) to block biased rulings like Justice Bela Trivedi’s (April 2025), favouring Piramal over victims.
5. Scrap IBC (2016): Abolish the flawed, heavily amended Insolvency and Bankruptcy Code, misused in DHFL’s CIRP to drain assets and shield BJP’s cronies.

These steps seek justice for DHFL’s FD/NCD holders—senior citizens, widows, and institutions—betrayed by cronyism and an unjust system after five years of struggle.

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As expressed in the above appeal, our vision is clearly defined regarding the future of DHFL victims. We are committed to pursuing distributive justice for those suffering and struggling due to an allegedly orchestrated “scam” that may not have occurred as claimed (Cross-reference: No Fraudulent Transactions as per the CBI’s clean chit in Jan’25 regarding the DHFL Loan Scam Case)!

If you wish, you can appeal through this portal either as an individual or as a representative of a specific organization. In this case, you may represent OBMA and provide the following text to share OBMA’s motto and mission:

Once in a Blue Moon Academia (OBMA), accessible at https://onceinabluemoon2021.in/, is an independent, activist-driven platform dedicated to analyzing India’s political economy and ecological crises, with a spotlight on the Dewan Housing Finance Corporation Limited (DHFL) scam. OBMA critiques the nexus of crony capitalism, systemic corruption, and environmental degradation under India’s current regime, alleging collusion between the present ruling party, corporate tycoons, and underworld elements. Through research, podcasts, and web-based campaigns, it exposes financial abuses affecting vulnerable FD/NCD holders, advocating for justice and systemic reform. OBMA also challenges neoliberal market paradigms and promotes sustainable alternatives, drawing from thinkers like Tagore and Gandhi. Operating without formal funding, it relies on public support, emphasizing non-violent resistance against autocracy and plutocracy, making it a unique voice in India’s socio-political discourse.

Whatever the circumstances, we must keep the struggle alive; we must continue the movement!

Spread the word.