HELP PROTECT DHFL FD & NCD HOLDERS

1.     Billionaire cum alleged  insider trader Ajay Piramal (CBE), the secondary kin of Mr. Mukesh Ambani, declared: Prepare for two major shocks in the NBFC sector. How did he predict the Dewan Housing Finance Corporation Limited (DHFL) bankruptcy? (28/01/2019)
2.     The very next day, Cobrapost reported:  DHFL committed financial fraud, including terror-funding with the ruling party. (29/01/2019) This “terror-funding”/political donation/political charity was done via the channel/unholy nexus or collusion among Dawood Ibrahim-Iqbal Mirchi-RKW Developers (Dheeraj Realty)-DHFL-BJP.
3.     The Bombay High Court ruled: no further payments are to be made to the FD and NCD Holders in the case of Reliance Nippon Life Insurance v/s DHFL. (October 2019)
4.     Board of Directors removed, CoC constituted, DHFL put under IBC (2016), CIRP initiated. (November---December 2019)
5.     DHFL’s erstwhile promoter Kapil Wadhawan offered to repay DHFL’s creditors in full. CoC rejects it almost immediately. (14/12/2020)
6.     19+ CoC meetings took place without the participation of DHFL’s former promoters/suspended directors. Bidding war occurred between 20+ companies including Adani Group, Oaktree Capitals, Piramal CHFL etc. Piramal emerged as the successful bidder. Oaktree accused CoC for bias in favour of Piramal. (03/12/2019 — 17/01/2021)
7.     RBI blindly approved the Resolution Plan of Piramal. (18/02/2021)
8.     The NCLT ordered the CoC to reconsider DHFL’s erstwhile promoter Wadhawan’s offer of 100% repayment within 10 days. (19/05/2021)
9.     NCLAT set aside NCLT’s order after the Union Bank of India and Ajay Piramal approached the NCLAT with an urgent petition. The CoC did not even bother to answer the NCLT.HOW DID MR. AJAY PIRAMAL GET SUCH JUDICIAL PRIVILEGE IN NCLAT, GIVEN THE NUMBER OF PENDING CASES IN THE INDIAN COURTS? (25/05/2021)
10.                       NCLT is forced to approve the resolution plan in favour of the Piramals. (07/06/2021).
11.                        Mr. Ajay Piramal started disbursing merely 23% of the total FD amount to the respective FD Holders of DHFL on the basis of the lowest quasi-judicial body (NCLT)’s verdict, the rest of the amount going for a major haircut He supposedly bought the DHFL, which was worth 45k crores, for only a rupee. (September 2021).
12.                        Following the case filed by 63 Moons Technologies (the case questioned the deal of Piramal’s resolution plan, wherein the approx. 45k crore worth of assets were bought by paying only a rupee. 63 Moons cited the Section 66 of the IBC, which provides for the benefit of all the creditors of the insolvent company) the NCLAT passed an order that declared the illegality of the DHFL CoC, irregularities in its conduct and in the allocation of the resolution amount as well, which stood “void” and “contrary to law”. (27/01/2022)
13.                        Piramal approached the Supreme Court, challenging the NCLAT Second Order. (01/03/2022)
14.                       Wadhawan approached the Supreme Court with his previous offer that was rejected by the CoC. (08/03/2022)
15.                        The Supreme Court stayed the NCLAT Order. Despite the fact that the case is under adjudication or sub judice, Piramal CHF acquired DHFL by using dubious company names: Piramal CHF and Piramal Finance. (11/04/2022)

Most of the victims (FD & NCD HOLDERS OF THE DHFL)are senior citizens, physically challenged persons, widows/widowers and they are depending on the returns from their FDs and NCDs. Even some governmental organizations, viz., the Air Force and UP power corporations have put their money in the form of FD or NCD. Such “safe” investment by the victims presupposes their inability to participate in the vulnerable stock market, controlled by a “Himalayan Guru”; the victims, a diasporic population, are not physically able to initiate non-violent peaceful movement against such a manufactured scam. The only way left for them is to take their recourse to web-based movements following the go of the day; they are not tech savvy persons to raise their voices on the web platforms following the strategy of contemporary web-based social movements, the new fifth pillar of the democracy. People are also petrified in the contemporary Indian autocratic scenario as observed several times by the Freedom House and V-Dem Institute. Hence, at this claustrophobic time of deceit, telling the truth is very difficult for them. The Indian citizens have lost their faith in the Indian judiciary, however, after the appointment of Justice DY Chandrachud as the Chief Justice of India, they have rejuvenated their faith in the sanctity of the legal process. The DHFL Victims are waiting for the last 3+ years to get back their life-savings. In the contemporary crony and monopoly capitalist scenario in India, it is difficult for them to take down a politically favoured tycoon of the ruling party, viz., Mr. Ajay Piramal. It is redundant to say that without mass mobilization or without pressure groups, the four other pillars (especially the Judiciary) cannot perform to establish free and just society. DHFL Victims are financially abused due to violation of our business related human rights as declared in the United Nations Guiding Principles on Business and Human Rights (in this context, “Access to remedy for victims of business-related abuses”).

We hope that our honourable CJI of India will heed our cry for help and provide us with our fair demand for distributive justice in the context of manufactured financial abuse.