Once in a Blue Moon Academia (OBMA)

  Stones, Frogs, and Divine Dividends: Piramal’s Philanthro-Capitalist Lila Posted on 22nd February, 2026 (GMT 08:48 hrs) ABSTRACT This incisive satirical exposé reinterprets Aesop’s fable of boys throwing stones at frogs as a metaphor for the Piramal Group’s “doing well by doing good” brand of philanthro-capitalism. Blending fable, philosophy, and forensic critique, the piece dissects how corporate strategies cloaked in Vaishnava discourse and Gandhi-branded CSR have enabled empire building that yields profitable acquisitions and regulatory clearance while exacting severe costs from ordinary depositors, small investors, and vulnerable communities. Using the DHFL insolvency resolution as the central case study, it reveals how retail creditors endured steep haircuts, potential fraud recoveries were acquired for a token amount, and corporate reputation was polished through strategic philanthropy and market optics—even as environmental and social harms persist. The narrative extends i...

  The Student as Examiner: Decoding the Manufactured Illusion of Piramal Finance’s CRISIL AA+/Stable Rating Published on 19th January, 2026 (GMT 06:24 hrs) ABSTRACT Credit rating agencies (CRAs) in India occupy a paradoxical position: their ratings shape investor behaviour, influence borrowing costs, and determine market access for corporations, yet they operate within a regulatory and commercial architecture that structurally disincentivizes critical scrutiny and accountability. The issuer-pays model — wherein the rated entity pays the rater — creates endogenous conflicts of interest that privilege quantifiable metrics like capital adequacy and liquidity while marginalizing qualitative governance and forensic risks. This article argues that under such a regime, investment-grade ratings (including the recent CRISIL AA+/Stable assigned to Piramal Finance in early 2026) function less as independent credit assessments and more as manufactured assurances that legitimize capital fl...