Open Press Release: An Urgent Appeal to India’s Non-Godi Media on Press Freedom, Censorship, and the DHFL Scam

Posted on 24th August, 2025 (GMT 09:50 hrs)

ABSTRACT

The DHFL scam is not merely a financial fraud but a glaring testament to India’s descent into crony oligarchy, where state-corporate collusion, regulatory failure, and alleged judicial bias have enabled systemic looting of public wealth, leaving millions of ordinary citizens—senior citizens, employees, NRIs, and middle-class investors—silenced and dispossessed. Alongside IL&FS, PMC Bank, and Yes Bank, DHFL exemplifies a decade-long pattern of engineered bankruptcies that enrich tycoons like Adani, Ambani, and Piramal while gatekeepers—auditors, credit rating agencies, and celebrity endorsers—escape accountability. Victims face SLAPP suits, denied justice, and deliberate erasure from mainstream and even non-mainstream media narratives. We, the Once in a Blue Moon Academia (OBMA), on behalf of the DHFL victims, urgently call upon India’s non-“Godi” media—the last remaining torchbearers of truth and justice—to expose this state-corporate nexus, hold all perpetrators accountable, amplify the voices of the long-silenced victims, and pressure authorities to deliver genuine financial justice before public trust and constitutional values are irreparably eroded.

तेनार्थित्वं त्वयि विधिभ्यः दूरबन्धुरगतोऽहम्।
याच्छा मोघा वरमधिगुणे नाधमे लब्धकामाः॥ (मेघदूतम्, पूर्वमेघः, ६)

tenārthitvaṃ tvayi vidhibhyaḥ dūrabandhur gatoḥaṃ
yācchā moghā varam adhiguṇe nādhame labdhakāmāḥ
(Meghadūtam, Pūrvamegha, 6)

“…for a fruitless petition to the good is better than obtaining your wish from the worthless.” (Trans. H. H. Wilson)

[Note: Hindutvavādins dare not confront Sanskrit-knowing persons, as their speculative conjectures about the cat of so-called “Sanātana Dharma” will get out of the bag!]

Addressed to All the Non-“Godi” Media of India From Once in a Blue Moon Academia (OBMA), on behalf of the DHFL Victims

We, the Once in a Blue Moon Academia (OBMA) collective, representing the countless victims of the Dewan Housing Finance Corporation Limited (DHFL) scam, issue this urgent and heartfelt appeal to all non-“Godi” media houses and fearless voices of Indian journalism. We approach you at a critical juncture when India’s press freedom is under severe strain, as repeatedly highlighted by global indices and reports.

It is mere carrying coal to Newcastle to inform you (not really you, but for the sake of the broader audience) that India ranks among the lowest in the world on press freedom, with the Reporters Without Borders (RSF) 2025 Index placing it 159th out of 180—a deceptive rise from 161st in 2023 that masks an ongoing crisis, an undeclared emergency, under Hon. Prime Minister Narendra Modi and the BJP since 2014.

From 133rd in 2016 to 142nd in 2020, the decline reflects police violence, political reprisals, and a media landscape dominated by “Godi Media” outlets like Republic TV and Zee News, notorious for propaganda, fake news, and communal/jingoistic narratives. Fact-checks routinely expose their misinformation, yet ownership concentration and harassment silence independent media. Global watchdogs echo this erosion: Freedom House has downgraded India to Partly Free, and the V-Dem Institute classifies it as an electoral autocracy (100th of 179 in the 2025 Liberal Democracy Index), citing institutional capture, censorship, and attacks on dissent. Freedom House’s Freedom in the World 2025 further notes harassment of journalists and NGOs (though militant RSS is “World biggest NGO”! LOL!!) , discriminatory policies, and manipulated, rigged elections.

Cf. Press Freedom In India: A Declining Trajectory ⤡ (Posted on 24th August, 2025)

This landscape of repression is the backdrop against which we sincerely urge you—fearless voices still resisting—to cover one of the biggest financial scandals in post-Independent India: the DHFL scam. This is not merely corporate fraud but a case of state–corporate collusion, regulatory failure, systemic crony capitalism, and the deliberate financial abuse of lakhs of ordinary citizens.

However, we are deeply disappointed—indeed, disheartened—after reaching out to the newly emerging fifth pillar of democracy previously with the same appeal, only to be met with silence in return. What has gone wrong with your reporting on the DHFL scam—and on its countless victims—arguably the largest financial fraud in post-independent India? We acknowledge the repressive climate in which you, as whistleblowers of truth, are compelled to operate, yet silence in the face of such injustice only deepens our wound. Even so, we continue to place our faith in you and firmly believe that you can still undertake a comprehensive coverage of this grave matter. Please do not ignore our plea this time.

Cf. Urging for Justice for the DHFL Victims: An Appeal to the Non-Godi Media ⤡ (Posted on 29th September, 2023)

Among the DHFL victims are Indian citizens and NRIs, including senior citizens who relied on DHFL deposits for their retirement plans, physically challenged individuals (including the Sasakawa-India Leprosy Foundation), UPPCL employees, families of retired Air Force personnel from the Air Force Group Insurance Society (AF-GIS), several Jesuit and Catholic philanthropic institutions, and countless middle-class savers whose life security has been torn apart. Yet, despite its magnitude, the voices of DHFL victims remain unheard or projected as a residual footnotes and drowned out by state-managed narratives and compromised mainstream media. This environment of shrinking dissent and state-corporate collusion forms the backdrop for our urgent appeal regarding the DHFL scam, which has devastated lakhs of lives.

Urgent Appeal To The Fifth Pillar Of Democracy For DHFL Scam Coverage

We urge you to focus on the following critical aspects of the DHFL scam to secure national coverage, amplify the victims’ cries, and pressure responsible agencies, institutions, and organizations to respond effectively. These key questions and issues have been left unanswered, highlighting the need for independent scrutiny.

Cf. Stifling the Freedom of Expression: the Fourth and Fifth Pillars of Indian Demo(n)crazy ⤡

ENLISTING DOUBTS ABOUT THE DHFL SCAM FOR YOUR CONVENIENCE

1. “Underworld” Connections and Alleged Terror Financing/Political Charity in the DHFL Scam

Shocking reports suggest that underworld colluded with state-corporate forces to funnel money, with funds reportedly reaching the ruling BJP. The DHFL scam is believed to have unfolded in the first place through terror-financing donations to the BJP via DHFL and RKW Developers, allegedly involving underworld figures such as Dawood Ibrahim and the late Iqbal Mirchi. The 2019 Cobrapost exposé highlighted these links between terror-funding and BJP donations, yet no transparent probe has followed.

Meanwhile, the BJP’s religious extremism masks its drive for omnipresent privatization, enabling the unchecked flow of private capital. Despite its virulent anti-Muslim rhetoric, the BJP is accused of accepting funds from Dawood-Mirchi associates while allocating aid to Afghanistan in two consecutive national budgets—an act that starkly contradicts its public stance. If true, this exposes the hypocrisy of a party that fuels Islamophobia domestically yet allegedly draws on underworld funds for its party coffers.

Cf.

a) Who are the Money-Mongers in India: Hindutvavadins or Muslims?⤡ (Posted on 25th June, 2024)

b) The BJP: Anti-Islam or Money-Monger?⤡ (Posted on 13th February, 2023)

OBMA firmly rejects Islamophobia and advocates for a partyless democracy movement grounded in the shared value of homo sapiens sapiens as a species-being.

We had filed an RTI on this issue. The response, as anticipated, was elusive. We further questioned the BJP: “Why don’t you file defamation cases against those news agencies for such grave accusations of an unholy nexus? They have shown no inclination to respond! Is this a “Conspiracy of Silence”?

Cf.

a) “False”(?!) allegations on the collusion among the BJP, Dawood-Mirchi and the DHFL: A Letter to the BJP President ⤡ (Posted on 29th March, 2021; Updated on 9th August, 2024) [SARCASM INTENDED UNDER PLUTOCRATIC REGIME]

b) AN RTI ON THE ALLEGED COLLUSION AMONG DAWOOD-MIRCHI-RKW-DHFL-BJP ⤡ (Posted on 19th February, 2022; Updated on 9th August, 2024)

c) Requesting for filing a defamation case against the “anti-national” newspapers regarding the nexus between the underworld and the BJP⤡ (Posted on 29th August, 2022 updated on 9th August, 2024)

This collusion of so-called “Islamic Terrorists” and the Sangh Parivar in the case of the DHFL Scam, if believed to be “true,” suggests that the Sangh is foregrounding religious fundamentalism by foreclosing their market fundamentalism⤡. This point carries significant implications for the DHFL Scam, as a large proportion of the DHFL FD and NCD holders are Hindus, who are KHATRE MEIN HAI (WHO IS RESPONSIBLE???) ⤡.

For in-depth discussions, you may explore the following articles:

a) Islamophobia: The Manufactured Illness of Sick Indian Hindutvavādins ⤡ (Posted on 9th July, 2023)

b) BJP’s Equivocation: Condemning Islam, Subscribing Islam⤡ (Posted on 17th May, 2025)

c) The BJP: Anti-Islam or Money-Monger? ⤡ (Posted on 13th February, 2023)

2. Failure of Auditors, Credit Rating Agencies and Regulatory Authorities

DHFL was rated AAA almost until its collapse, despite massive default exposure and fraud indicators. What were auditors and credit rating agencies (CRAs) doing during DHFL’s collapse? Why did DHFL retain a AAA rating until nearly its downfall? What responsibility do they bear toward affected depositors? Where were the watchdogs or these gatekeepers, and what about their accountability and transparency?

The collapse of DHFL exposed systemic failures by auditors like Chaturvedi & Shah and CRAs like CARE, ICRA, and CRISIL, who issued clean reports and high ratings despite red flags like round-tripping, shell companies, and loan evergreening. Credit rating agencies and auditors, who function as gatekeepers of public trust, misled investors by rubber-stamping DHFL’s apparently false image of “sab changa si!”

The National Financial Reporting Authority (NFRA)’s December 2023 and June 2024 penalties against DHFL’s auditors confirm grave negligence, lack of professional scepticism, and systemic misconduct: in December 2023, NFRA banned Jignesh Mehta for 10 years and Amit Vinay Chaturvedi for five years, fining each ₹5 lakh for gross negligence and failure to apply professional skepticism during DHFL’s FY18 audits; in June 2024, NFRA imposed a ₹2 lakh penalty and a one-year ban on two other CAs for branch audit lapses across five DHFL branches, highlighting systemic audit failures.

The Chandigarh State Consumer Disputes Redressal Commission’s July 31, 2025, verdict held auditors, CRAs, and regulators liable for misleading investors with AAA ratings and ordered compensation for an NCD holder. Despite Cobrapost’s 2019 exposé of ₹31,000 crore siphoned through shell companies, auditors violated ethical standards, and CRAs maintained AAA ratings due to conflicts in the issuer-pays model. No prosecutions have followed, and depositors demand accountability, restitution, and reforms. How can auditors and CRAs escape accountability when lakhs of depositors lost their life savings based on their manufactured assurances?

Cf.

a) DHFL Scam: Who Audited and Rated Our Trust?⤡ (Posted on 18th August, 2025)

b) From AAA-Ratings to Haircut-Ashes: Rating and Auditing Gaps in the DHFL “Scam”⤡ (Posted on 20th July, 2025)

c) Landmark Victory in the DHFL Chronicle: A New Ray of Hope for the Victims ⤡ (Posted on 15th August, 2025)

3. Celebrity Endorsements and Misplaced Trust: The Shah Rukh Khan (Brand Ambassador of the erstwhile DHFL) Question

Bollywood superstar Shah Rukh Khan was DHFL’s brand ambassador, lending credibility to DHFL’s advertisements. Many victims say they trusted DHFL only because it was promoted by SRK, a celebrity they admired and loved. Did Shah Rukh Khan exercise due diligence, or did his endorsements from 2015-2018 constitute misleading advertisements that earned the trust of countless citizens? Shouldn’t his role be questioned, and what is his accountability?

Mr. Khan, under the Consumer Protection Act, 1986, even before its 2019 amendment, you carried a statutory responsibility as a celebrity endorser. Section 2(1)(r) of the 1986 Act defined “unfair trade practices,” which included misleading advertisements. Endorsing a financial product without exercising due diligence fell within that ambit. The 2019 Act only sharpened these provisions—Section 21(5) explicitly mandates due diligence by celebrity endorsers, Section 2(47) redefines misleading advertisements, and Section 89 lays out penalties.

Shah Rukh Khan’s endorsements significantly influenced investments in DHFL’s fixed deposits (FDs) and non-convertible debentures (NCDs) without apparent due diligence, leading to demands for a Central Consumer Protection Authority (CCPA) inquiry, public apology, disgorgement of ₹6-10 crore in fees, penalties, and a one-year endorsement ban under the Consumer Protection Act, 2019. His failure to withdraw endorsements post-default in 2019 exacerbated the harm. Victims have cited the precedent of Mithun Chakraborty, who returned fees after endorsing a fraudulent scheme in West Bengal called the Saradha ponzi scheme. This is not about vilifying Shah Rukh Khan, but about demanding that celebrities stop being immune when their endorsements contribute to public financial ruin.

Cf.

a) We Love You SRK, But You Must Answer for DHFL!⤡

b) Hold Shah Rukh Khan Accountable for DHFL Endorsement! (An Online Mass Petition) ⤡

c) Tweets to Mr. Shah Rukh Khan, Ex-Brand Ambassador of the DHFL⤡

d) MR. SHAH RUKH KHAN, THE BRAND AMBASSADOR OF DHFL, HAS DECEIVED THE VICTIMS OF THE DHFL SCAM ⤡

e) Mission SRK: Hold Brand Ambassador Accountable in the DHFL Fiasco! ⤡

4. RBI-Appointed Committee of Creditors (CoC) and Resolution Fiasco

The Committee of Creditors (CoC) exhibited opaque voting practices and decisions that favoured certain bidders, raising concerns about cronyism. Fixed Deposit holders, representing 65% of voting power, were denied access to critical settlement proposals, while solvent repayment offers by the ex-promoters were repeatedly rejected without explanation.

Such voting practices currently evoke in our minds the exemplary #VoteChori movement taking place in the Indian Republic, led by a united Opposition front. There is a significant parallel between the allegations of manipulation in the voting process of the RBI-appointed CoC and the voting manipulations of the BJP-ECI nexus.

Cf. Manipulation Allegations in DHFL CIRP: Echoes of Electoral Malpractices and Erosion of Trust ⤡ (Posted on 1st December, 2024)

Allegations emerged that the Adani Group acted as a dummy bidder, facilitating the acquisition of DHFL assets by Ajay Piramal, a secondary kin of Mr. Mukesh Ambani, a corporate figure closely linked with the BJP and implicated in multiple controversies, including the Flashnet scam, electoral bond funding, PM CARES donations, insider trading allegations, and questionable (and unsustainable) real estate deals through Piramal Realty (more on Mr. Piramal later as a follow-up). Critics, including 63 Moons Technologies, have claimed that DHFL’s assets worth ₹45,000 crore were effectively transferred to Mr. Piramal for a nominal ₹1.

Cf. On the RBI-appointed CoC:

a) If CoC-under-IBC is the King, is Justice Just a Ritual?⤡ (Posted on 15th April, 2025)

b) THE NARRATIVE(S) OF DHFL “BETTING”, SORRY BIDDING!⤡ (Posted on 28th October, 2023)

Cf. On Mr. Ajay Piramal: Mr. Ajay Piramal: A Snapshot of ALLEGED Controversies⤡ (Posted on 28th June, 2025)

The CoC’s conduct, including “alleged” bias toward Piramal CHFL, sidelining of objections from Oaktree Capital⤡, seemingly reflects a state-corporate nexus that undermined creditor rights and facilitated a manufactured transfer of wealth to facilitate the concentration of wealth. Crony Ajay Piramal’s political and religious ties, amplify perceptions of a quid-pro-quo with the ruling establishment. Observers, including OBMA, have already documented these irregularities through formal letters to the President, CVC, CBI, ED, and NIA, as well as satirical (as expected in mass mobilization) public critiques, highlighting systemic misconduct in the resolution process.

Cf.

a) SMELLING THE RAT IN THE DHFL-COC RESOLUTION PROCESS: A LETTER TO THE PRESIDENT OF INDIA ⤡ (Posted on 24th March, 2021; Updated on 30th July, 2024)

b) PLEASE COMPOSE AN OBITUARY FOR THE RBI-APPOINTED COMMITTEE OF CREDITORS (COC) FOR THE DHFL ⤡ (Posted on 02/06/2021;Updated on 30th July, 2024)

c) YOU’RE ALL CAUGHT UP: RBI-APPOINTED COC FOR DHFL⤡ (Posted on 04/12/2022; Updated on 1st August, 2024)

d) An Open Letter to Two Public Servants: Mr. R Subramaniakumar and Mrs. Charu Sandeep Desai ⤡ (Posted on 23rd July, 2023; Updated on 25th July, 2023)

e) Seeking intervention on the (mis?)conducts of the RBI-appointed DHFL-CoC Resolution Process: LETTERS TO THE CVC, CBI, ED, NIA ⤡ Posted on 6th November, 2022; Updated on 9th December, 2022)

The violently ridiculous part of this narrative is that RBI, CAG and IBBI Do Not Know Their Own Records Pertaining to the RBI-Appointed CoC for DHFL under the “Ill-Conceived” (!?) IBC! (Refer to Section 9 of this document for the RTIs filed by the OBMA with regard to this)

Cf.

a) RTI on RTIs: After the Autopsy… ⤡ (Posted on 14th October, 2024; Updated on 1st December, 2024)

b) RBI-appointed CoC for DHFL’s total expenditure: An RTI to the RBI⤡ (Posted on 22nd August, 2024; Updated on 24th September, 2024)

c) Autopsy of RTI in the Police Universe of the Indian Polity⤡ (Posted on 25th September, 2024; Updated on 14th October, 2024)

Summary Table

Institution	Key Findings from RTI Replies
RBI	No documents on CoC constitution or minutes.
CAG	No audit trail on NHB, RBI, or DHFL functioning.
IBBI	No evaluation of Piramal plan’s fairness.
SEBI	No action taken against CARE/ICRA post-default.

5. NCLT–NCLAT’s Responses to the RBI-Appointed CoC for DHFL-led Resolution Process

On May 19, 2021, the NCLT directed the RBI-appointed Committee of Creditors (CoC) for DHFL to reconsider the Wadhawans’ full repayment proposals within 10 days. Instead of complying, the CoC and Mr. Piramal sought to revoke the order at the NCLAT by May 25, 2021, without presenting any arguments, raising concerns of contempt of court and highlighting procedural lapses that affected the resolution process.

The National Company Law Appellate Tribunal (NCLAT), in its January 27, 2022 order, identified significant legal lapses, void ab initio areas and material irregularities in the handling of DHFL’s resolution and emphasized the lack of transparency in creditor participation. Both tribunals implied that the Wadhawan brothers, ex-promoters of DHFL, were barred from engaging in the process, and their repeated proposals for full repayment to creditors were dismissed without reasoned consideration.

Here’s a brief timeline of the events that unfolded:

EVENT	DATE	REMARKS
NCLT ORDER	19-05-2021	NCLT asked the DHFL CoC to reconsider Wadhawan’s full repayment proposal before approving Piramal’s resolution proposal that contains massive haircut.
NCLAT STAY	25-05-2021	Piramal and CoC rapidly brought a stay order on the previous order from NCLAT within a few days without answering the NCLT within the stipulated time period of ten days. Contempt of Court?
NCLT APPROVAL	07-06-2021	NCLT approves the Piramal’s resolution plan.
ACQUISITION OF DHFL	SEPTEMBER 2021	Piramal “acquires” the DHFL (?!) on the basis of the lowest quasi-judicial body’s order.
NCLAT OBSERVATIONS	27-01-22	NCLAT observed many inconsistencies, irregularities in the resolution process, wherein the resolution plan became “contrary to law” and “void”
SC’S STAY ORDER	11-04-22	Piramal rushed to the Supreme Court on 01.03.2022 to get the NCLAT’s order stayed.
DEFAMATION FILED IN BOMBAY HIGHT COURT	06-01-2023	Piramal filed a defamation case of 100 crores against some of the DHFL victims, who engaged themselves in a web-based civil disobedience movement.

Cf.

a) Don’t Let Justice Be Overruled: Honouring NCLT and NCLAT in the DHFL Debacle⤡

b) Topsy-Turvy Indian Governmentality: The Curious Case of the DHFL Scam⤡ (Posted on 12th March, 2023)

6. Piramal More Equal Than Others? A Comparative Reflection on Judicial Priorities in India

A. Mr. Ajay Piramal’s Background

Alleged/Reported/Possible Controversies

1. Insider Trading Allegations (2016):⤡
   The Securities and Exchange Board of India (SEBI) reportedly accused Ajay Piramal and Piramal Enterprises of insider trading violations. SEBI imposed a fine of Rs. 6 lakh for alleged lapses in insider trading controls. However, the Securities Appellate Tribunal (SAT) later set aside SEBI’s order in 2019, providing relief to Piramal Enterprises. These allegations raised questions about compliance with market regulations, though no conclusive guilt was established.
2. Environmental Violations in Digwal, Telangana (2018-2019):⤡
   Piramal Enterprises (through various allegedly shell company games) faced accusations of environmental misconduct related to polluting activities in Digwal, Telangana. The National Green Tribunal (NGT) reportedly denied Piramal’s request for a stay order on environmental compensation, labeling the company’s actions as environmentally harmful. These claims have contributed to perceptions of Piramal as prioritizing business interests over ecological responsibility, though specific legal outcomes remain unclear.
3. Crony Allegations: Flashnet Scam (2018) and More:⤡
   Mr. Piramal has been linked to allegations of quid pro quo⤡ with the Bharatiya Janata Party (BJP). Reports claim Piramal Group companies donated ₹85 crore to BJP via electoral bonds⤡ between 2019 and 2024, raising concerns about political influence, especially after the 2018 Flashnet scam allegations. The Wire reported that Piramal Estates Pvt Ltd purchased shares of Flashnet Info Solutions, owned by BJP Union Minister Piyush Goyal and his wife, for ₹48 crore in 2014, a 1,00,000% premium, shortly after Goyal’s appointment as a Union Minister. This transaction, alongside Piramal’s 2016 investment in Essel Green Energy while donating ₹28 crore to the BJP-favoring Prudent/Satya Electoral Trust in 2016-17, has fueled speculation of cronyism and conflicts of interest. Critics, including OBMA, allege these contributions and the DHFL acquisition reflect a nexus with BJP, though no definitive legal findings confirm these claims.
4. Dewan Housing Finance Corporation (DHFL) Acquisition (2021-2022):
   The acquisition of DHFL by Piramal Capital and Housing Finance Limited (PCHFL) for Rs. 34,250 crore, against a reported book value of Rs. 94,000 crore, has been a focal point of controversy. Some critics have alleged that Mr. Piramal secured DHFL at a significant discount (45k Crore assets for 1 rupee, as pointed out by the NCLAT in its 27th Jan, 2022 verdict), causing substantial losses for fixed deposit holders, non-convertible debenture (NCD) investors, and small stakeholders. The process reportedly defied orders from the National Company Law Tribunal (NCLT) on May 19, 2021, and the National Company Law Appellate Tribunal (NCLAT) on January 27, 2022, which declared the resolution plan irregular. Mr. Piramal allegedly secured stay orders, including one from the Supreme Court on April 11, 2022, to supposedly/possibly delay adverse rulings. Whistleblower claims suggest financial harm from discounted loans post-acquisition, with accusations of a nexus with the BJP and regulatory bodies like the Reserve Bank of India (RBI), pointing to crony capitalism. These claims remain under legal scrutiny, with no final adjudication conclusively confirming misconduct.
5. Loan Probe Involving Omkar Developers (2021):
   The Enforcement Directorate (ED) reportedly investigated a Rs. 2,000 crore loan from Mr. Piramal to Omkar Developers. Piramal’s assets later received protection from the Delhi High Court, raising questions about transparency and regulatory oversight. The investigation’s outcome remains unclear, but it has fueled speculation about Piramal’s financial dealings.
6. Shriram Finance Stake Sale (2024):
   SEBI reportedly flagged issues with Piramal Enterprises’ sale of an 8.34% stake in Shriram Finance, raising concerns about compliance with market regulations. While details are limited, this incident added to perceptions of regulatory challenges faced by Piramal’s business operations.
7. Mergers and Rebranding as Evasion Tactics⤡:
   Mr. Piramal has been accused of using rapid mergers, demergers, and company rebranding to evade accountability. For instance, the 2022 demerger of Piramal Pharma and the 2024 merger of Piramal Enterprises with PCHFL (renamed Piramal Finance) have been criticized as strategic moves to obscure past controversies, including the DHFL acquisition and environmental issues. These actions align with RBI’s 2025 NBFC listing mandate but have drawn scrutiny for allegedly prioritizing corporate restructuring over stakeholder interests. Cf.
8. Alleged Misuse of Religious Identity:
   Piramal, a follower of the Gauḍiya Vaiṣṇava tradition and devotee of Radhanath Swami (ISKCON)⤡, has been accused of hypocritically using religious principles (as masking) to justify business practices. Critics argue that his actions, particularly in the DHFL case, contradict the ethical tenets of his professed faith, though these claims are subjective and tied to public perception rather than legal findings.
9. Real Estate Dealings: Shadows of Possible Ecocide? Krishnaraj Rao and Siddarth Jaaju⤡ allege that Piramal Realty’s draft agreements, such as for Piramal Revanta Towers (possession 2023–2026), are one-sided, favoring PRL Developers Private Limited and limiting flat-buyers’ rights with skewed exit clauses and a misleading “Piramal Assurance.” Rao claims Piramal uses loophole-laden out-of-court settlements to evade accountability, deceiving buyers seeking legal recourse. Additionally, projects like Piramal Vaikunth, Piramal Mahalaxmi, and Piramal Revanta, located in low-lying Mumbai areas (e.g., Jacob Circle at 3 meters and Mulund at 11 meters above sea level), are criticized for ignoring ecological vulnerabilities. Critics, citing Henry George’s Progress and Poverty (1879) and Amitav Ghosh’s The Great Derangement, argue these developments profit from “unearned increment” in fragile zones, risking coastal flooding and biodiversity loss, contrary to the Mumbai Climate Action Plan’s focus on mangrove preservation and flood mitigation. These unproven allegations raise serious concerns about consumer exploitation and environmental ethics.

May we call Mr. Ajay Piramal as “more equal than others”⤡ in this context?—as an active metaphorical critique, not as a formal, definitive legal accusation. The following tables may reveal his exceptional VVIP treatment from the judiciary. Speed capitalism benefits only 2%. What about the other 98%?

Cf. More on Ajay Piramal – The Man, The Myth and the Image:

The Paramavaiṣṇava At Stake: Unwinding Piramal, “Thy Name is Controversy!”⤡ (Posted on 16th November, 2024)

Ajay Piramal in the Ring of Fire of Controversies ⤡ (Posted on 6th April 2024)

Hustle, Rush, … Speed: Ajay Piramal’s Cases: The DHFL Circus

Summary of Unequal Treatment

Date	Event	Inference
19 May 2021	NCLT orders reconsideration of Wadhawan’s 100% offer	A legally binding directive allegedly ignored
25 May 2021	NCLAT stays NCLT’s order in 6 days	Unprecedented rarest of the rare judicial speed despite huge backlog.
7 June 2021	NCLT approves Mr. Piramal’s plan	Previous order allegedly ignored/bypassed., purportedly violating maximization principle.
27 Jan 2022	NCLAT calls the DHFL resolution plan and process to be discriminatory, illegal, full of material irregularities on the basis of 63 Moons’ arguments	CoC allegedly found to have acted illegally
1 March 2022	Supreme Court stays NCLAT order	Yet again, rapid relief for Mr. Piramal–Privileged access to judicial bandwidth?

Comparative Table: Ajay Piramal Case vs. General Judicial Reality

Date	Ajay Piramal / DHFL Case Event	Inference / Disparity Noted	Contrast with Common Citizens
19 May 2021	NCLT orders reconsideration of Wadhawan’s 100% offer	Legally binding directive allegedly ignored	Common litigants wait years for basic orders to be enforced
25 May 2021	NCLAT stays NCLT’s order within 6 days	Unprecedented judicial speed—possibly influenced by corporate privilege	Over 52 million cases pending; 173,000+ stuck for 30+ years
7 June 2021	NCLT approves Mr. Piramal’s plan ignoring earlier directive	Earlier order bypassed, supposedly undermining IBC’s core tenet of value maximization	Common undertrials routinely denied procedural fairness, spend years in jail without trial or verdict
27 Jan 2022	NCLAT finds many aspects of the plan and process contrary to law	CoC’s conduct deemed illegal; process credibility questioned	Citizens languish for decades for such findings; legal recourse for exploited depositors slow and erratic
1 Mar 2022	Supreme Court stays NCLAT order in < 5 weeks	Yet again, lightning relief for Piramal—indicative of privileged access to apex court	76% of Indian prisoners are undertrials, many jailed for 2–5 years without even a first hearing
2022–2025	Multiple depositors’ cases delayed, dismissed, or redirected on technicalities	Victim-citizens face procedural wrangling and forum shopping	Even SC registry rejections routinely happen for public interest cases, while corporate appeals sail through swiftly

7. Supreme Court Verdict on April Fools’ Day, 2025: Justice Denied?

Justices Bela Trivedi⤡1 , S.C. Sharma⤡, and SGI Tushar Mehta⤡ reportedly disregarded NCLAT’s earlier damning findings on 27th January 2022, instead outrightly endorsing Mr. Piramal’s resolution plan. The plan inflicted severe haircuts on depositors’ lifelong savings. Justices Trivedi and Mehta have often been linked to pro-BJP verdicts, raising concerns about impartiality. This allegedly sidelined the constitutional rights of DHFL victims to livelihood and personal liberty under Articles 21 and 39.

Cf.

a) Examining the Supreme Court’s Ruling on the DHFL “Fraud” (?) Cases⤡ (Posted on 2nd April, 2025 (GMT 07:18 hrs)

b) From Courtroom to Newsroom: Tracking the Media Pulse on the DHFL Verdict (Posted on 10th April, 2025, GMT 13:14 hrs)

8. SLAPPing the Dissenters’ Voices

Instead of justice, certain DHFL victims connected with OBMA faced Strategic Lawsuits Against Public Participation (SLAPP) filed by Ajay Piramal’s counsel, DSK Legal, aimed at silencing dissent and digital activism. These defamation suits sought to censor freedom of speech and expression guaranteed under Article 19, preventing victims from questioning the resolution process. This legal tactic is emblematic of “MoShah’s India,” where the abused are gagged while the abusers are lionized, something that the Non-Godi Media journalists are quite aware of.

OBMA’s Gandhian response condemns such corporate legalism, framing it as a violation of the Directive Principles of State Policy, which are meant to prevent wealth concentration among tycoons like Mr. Piramal. Fixed deposits, once a secure investment for middle-class families, have become “insecurely secure,” leaving victims financially and socially vulnerable.

The silence of DHFL victims is being used as their shield. The money of middle-class investors was looted, and their voices are now being targeted for suppression. Activists such as Ravi Pratap Singh, Amit Kumar, Debaprasad Bandyopadhyay, and S.R. Pal, along with voices on Twitter, LinkedIn, and Facebook, are being subjected to this kind of legal action for exposing the DHFL scam. Yet the fight is being carried on by Debaprasad Bandyopadhyay and his family through OBMA, armed with nothing but the truth and a keyboard. Will this suffering be allowed to remain hidden, or will it be transformed into resistance?

Cf.

a) DHFL Victims Under Legal Siege by Crony Piramal: What’s Next? ⤡ (Posted on 28th June, 2025)

b) Piramal’s Legal Firm vs DHFL Victims: A Chronological Collage⤡ (Posted on 20th March, 2025; Updated on 27th June, 2025)

c) Justice via Intimidation? A Financially Abused Citizen vs. the Corporate-State Nexus⤡ (Posted on 30th June, 2025)

d) When a Victim has become a Culprit: Mr. Ajay Piramal Filed a Case against Dr. Debaprasad Bandyopadhyay⤡ (Posted on 25th September, 2023)

9. RTI Denials and Democratic Evasion

OBMA filed numerous RTIs with the RBI, CAG, IBBI, MCA, MOF, PMO, and other authorities, seeking transparency, truth, and accountability regarding the socio-political and economic context of the DHFL scam. In response, these authorities persistently refused to provide information or withheld data that should have been publicly accessible. Appeals to the National Human Rights Commission (NHRC) were similarly ignored⤡, highlighting its alleged capture under BJP influence. Once hailed as the “citizen’s weapon of democracy,” the RTI has been rendered toothless in “MoShah’s India,” with evasive responses reflecting a persistent will to hide public information and a broader erosion of democratic accountability.

8. Truth and Accountability Commission: The Way Forward

OBMA and DHFL victims are demanding a Judicial Truth and Accountability Commission to re-examine the Supreme Court’s April 1, 2025 verdict and ensure equality before the law for FD and NCD holders. This demand is reinforced by the Chandigarh State Consumer Disputes Redressal Commission’s July 31, 2025 verdict, which held auditors, rating agencies, and regulators liable for misleading AAA ratings and compensated an NCD holder, and by NFRA’s strict penalties on auditors for DHFL’s FY18 audit lapses, including bans and fines for gross negligence. OBMA’s petitions and memos call for a commission to investigate auditing accountability, celebrity endorsements, and SLAPP suits, framing the scam as a violation of the UN Guiding Principles on Business and Human Rights, and to ensure that liability extends beyond the Wadhawans and Piramal to all gatekeepers—auditors, CRAs, regulators, and celebrity endorsers.

Cf. All the recent OBMA online mass petitions—targeting administrative and political authorities, finance and corporate ministries and institutions, brand ambassador, as well as auditors and credit rating agencies—can be accessed here:

No More Silence: DHFL Victims, Unite and Sign for Justice! ⤡ (Posted on 7th August, 2025)

For your ease of access, we are providing you with the separate petition links as follows:

PETITION 1 (Truth and Accountability Commission) – SIGN HERE: https://chng.it/rndVPmFY8z

PETITION 2 (Hold Auditors and CRAs responsible) – SIGN HERE: https://chng.it/dSwwM2pYNT

PETITION 3 (Hold Brand Ambassador SRK Accountable) – SIGN HERE: https://chng.it/DCxVVJz8bWP

PETITION 4 (Enact Anti-SLAPP Legislation) – SIGN HERE: https://chng.it/9RwFbKMMFp

9. The Wadhawan Angle and IBC’s Political Weaponization

The Wadhawan brothers consistently argued DHFL was solvent and capable of repaying fully with ongoing cash flows. Their proposals were denied, as already noted earlier—not on merit, but seemingly to preserve BJP’s “dream project of IBC-2016” optics. The CBI’s closure report notes that the Wadhawan brothers are not to be penalized in criminal conspiracy charges due to lack of evidence⤡. Despite its AAA rating and profitability, DHFL’s insolvency process under the Insolvency and Bankruptcy Code (IBC), championed by Arun Jaitley, appears designed to legitimize BJP’s image while favouring corporate tycoons. The IBC, heavily amended and internally contradictory, fails to ensure full recovery for small depositors. IBC 2016, now amended beyond recognition, has devolved into a tool for asset strip-mining by a handful of corporate elites, not genuine debtor-creditor justice. The Wadhawans’ targeting raises questions about selective prosecution.

Why the non-“Mainstream” Media Must Act Now?

Dear independent journalists and media houses—the last torchbearers of truth in Indian journalism—know this: the DHFL scam is no isolated fraud. It lays bare India’s descent into crony oligarchy, where public wealth is looted, regulators, auditors, and agencies betray trust, courts favour big corporates, and whistleblowers and victims are silenced through SLAPP suits. Alongside IL&FS, PMC Bank, and Yes Bank, DHFL is part of a decade-long financial meltdown of NBFCs and PSUs orchestrated under corporate capture—systemic bankruptcies designed to enable privatization and crony capitalism.

The real beneficiaries are tycoons like Adani, Ambani, and Piramal, whose familial (Mitaksara coparcenary rights!) and business networks (crony and monopoly capital-relations) intersect with the BJP-led state, consolidating wealth through default and political patronage. But the spoils extend beyond corporates: lawyers, media houses, CoC professionals, medical and pharma sectors, religious figures, and even alcohol traders profit from this engineered collapse, leaving victims unheard and futures destroyed.

The victims of the DHFL collapse have been subjected to a form of financial abuse that may aptly be termed financial genocide or fincide. This systemic dispossession not only violates the fundamental rights enshrined in the Indian Constitution but also contravenes the United Nations Guiding Principles on Business and Human Rights (UNGPs) under the OHCHR framework, thereby amounting to a deflection of both constitutional and international law.

This is not just financial fraud—it is a blueprint for legalized plunder, a state-corporate nexus that turns public loss into private gain.

OBMA’s non-violent civil disobedience movement, using hashtags like #DHFL_Victims_Demand_Justice and #Seize_Cronies_Fairplay_for_DHFL_Victims, seeks to awaken non-Godi media to report these systemic injustices and give voice to the long-silenced victims.

Despite years of unanswered appeals, we implore you to act now. For over five years, DHFL victims have endured shattered futures and destabilized lives in an India steered by corporate whims rather than constitutional values. The DHFL scam is emblematic of a broader pattern of premeditated bankruptcies of PSUs and NBFCs, channeling wealth to a select few while eroding public trust. We urge you—the last remaining torchbearers of truth in Indian journalism—to cover this with the seriousness it demands, and to let your platforms serve as the pressure group the victims’ voices urgently need.

Conclusion: In Lieu of Hope at the Time of Hopelessness

The DHFL saga is more than a scandal—it is a litmus test for independent journalism in India. Years of systemic deceit, corporate cronyism, and regulatory failure have left millions of ordinary citizens dispossessed and silenced. The victims’ voices, though long ignored, demand to be heard. Now is the moment for non-“Godi” media to reclaim its role as the conscience of the nation, exposing state-corporate collusion, holding gatekeepers accountable, and ensuring that financial justice does not remain a distant ideal.

The DHFL scam served as a test case for validating the ill-conceived Insolvency and Bankruptcy Code (IBC), ultimately aimed at justifying the BJP’s sinking ship of failed promises and chimerical illusions. Consequently, the victims of DHFL were treated as mere guinea pigs in this unsettling lab-experiment.

Cf.

DHFL Victims in the Laboratory State of IBC: “Litmus Test”? ⤡ (Posted on 15th March, 2024)

SCAM 2019: THE DHFL MASSACRE ⤡

Our Demands

· Independent national coverage of DHFL victims’ plight and the entire crony background of the scam.

· Pressurize for ensuring public accountability of auditors, CRAs, Piramal, celebrity endorsers.

· Support us in calling for a Truth and Accountability Commission to probe systemic collusion.

· Stand in defence of journalistic freedoms, democratic dissent, and financial justice.

Signatories: Once in a Blue Moon Academia (OBMA)

On behalf of the DHFL Victims’ Collective (Indian Citizens, NRIs, Armed Forces families, retirees, employees, and civil society organizations. Usual disclaimers apply)

ENDNOTES

1. The following article expresses gratitude to the Supreme Court Bar Association (SCBA) and the Supreme Court Advocates-on-Record Association (SCAORA) for their decision to forgo the farewell ceremony for Justice Bela M. Trivedi on May 16, 2025, viewing it as a principled stance for judicial integrity. It critiques Justice Trivedi for her rulings perceived to favor the ruling BJP and the executive branch, with particular emphasis on her involvement in the DHFL case. While the Hon. Chief Justice of India B.R. Gavai conveyed disappointment over the lack of a formal farewell, the article lauds the boycott as a courageous protest against the increasing politicization (or rather, Saffronization) of the judiciary over the past few years and a vital defense of constitutional values aimed at maintaining the separation between the political executive and the “impartial” judiciary. Thanking SCBA and SCAORA for Skipping Justice Bela M. Trivedi’s Farewell: A Stand for Judicial Integrity⤡ ↩︎