BRIEF SITUATIONAL ANALYSIS OF THE DHFL SCAM (PART II)

Posted on 19/05/2022

In continuation with

A Brief Situational Analysis of the DHFL Scam: Proposed Remedies VIEW HERE ⤡

ATTACK ALL-OUT BY MAINTAINING अहिंसा VIEW HERE ⤡

A WHITE PAPER ON THE DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL) VIEW HERE ⤡

we are presenting the following for the benefit of the DHFL victims:

Section-1: Recent Situational Analysis

This is to inform you that the situation is positive and optimistic enough because of the following reasons:

1.     NCLAT Second Order (given on 27/01/2022) clearly declared the activities of the DHFL-CoC as being “contrary to law”. This is also at par with the rejected NCLT First order.

2.     The Parliamentary Standing Committee has already questioned the legitimacy of the conduct of the CoCs in general. Though promised by the Hon’ble FM, no action has been taken till date to review the conduct of the CoCs.

Standing Committee on Finance raps IBC over unsustainable haircuts, says 13,000 cases worth Rs 9 lakh crore pending VIEW HERE ⤡ (As reported on August 03 2021, ©Moneycontrol)

IBC: Govt. working with RBI on CoC’s conduct VIEW HERE ⤡ (As reported on 27th August ©The Hindu, PTI)

3.     Kapil and Dheeraj Wadhawan have been released on bail, in lieu of the lack of evidence against their so-called “criminal activities”. If the Wadhawan brothers would be investigated any further, it could only bring the cat out of the bag in terms of the manipulation of the DHFL case as it stands today, e.g., the collusion among Dawood Ibrahim, Iqbal Mirchi, RKW, BJP and DHFL—for which we had earlier lodged two RTIs. The replies of the concerned authority have blown in the wind!

DHFL case: Delhi court grants bail to Wadhwan brothers in multi-crore scam VIEW HERE ⤡ (As reported on 14th May, 2022 ©Moneycontrol)

There are two interpretations of this “bail”:

a.                 Pessimists think that they will fly away from India like Vijay Mallya and other wilful defaulters with the help of the crony ruling party.

What a country! The pessimists do not have any faith in the judiciary or the current political parties!

Cf. INDIA WOUNDED: A BIRD’S EYE VIEW VIEW HERE ⤡

Banks Technically Write Off Over Rs 68,000 Cr Loans, Choksi Among 50 Top Wilful Defaulters: RTI  VIEW HERE⤡⤡ (As reported on 28th April 2020 ©CNBC TV18 )

b.                Optimists think that Kapil Wadhawan would keep his promise of paying all his creditors:

DHFL resolution: Kapil Wadhawan reiterates offer of 100% principal repayment VIEW HERE ⤡ (As reported on 4th January, 2022 ©The Hindu Business Line) Kindly note that Bankruptcy will not void personal guarantees: Supreme Court VIEW HERE  (As reported on May 22, 2021 ©The Times of India). Though “Honest capitalist” is an oxymoron, the FD and NCD Holders must keep their faith on their promises. One must keep in mind that the DHFL Owners continued to pay their FD Holders on time until the Bombay High Court stepped in, instigated by the Ambani conglomerate.   

It is also to be noted that Mr. Kapil Wadhawan has an empathetic relationship with his inherited property and the company.

4.     The Piramal Enterprises ceased all their social media activities claiming ownership of the DHFL.

5.     It is also to be noted that the DHFL Home Loan Customers are not being provided with the official documents like NOC on account of the loan-transaction process. They are also aggrieved due to the astronomical interest on home loans. It entails that DHFL is an ongoing, profitable concern with a disputed ownership.

Please check the rest of the tweets on the grievances caused by disputed ownership of DHFL from the following Twitter accounts:

@RRP_124 @surendrathakur9 @vineetagarwal75 @nikhil_Paul @nikunjpg @kavitakhatri86 @i_renegades @sureshY96692073 @rajeshmann1984 @EPetrit @swamivijay9 @261083_sonal @ashishlinux @premrandhawa5 @BnmTuntun

6.     Some of the recent verdicts of the Supreme Court of India under the leadership of Hon CJI N. V. Ramana have signalled positive radiations. The Judiciary, though once “ramshackled”, is now getting out of crony capitalist manipulation of judgments. Perhaps, optimistically speaking, we are heading towards a free and just society. 

Dhanbad Judge Death: CBI, IB Not Helping Judiciary, Says SC As It Issues Notice To Probe Agency  VIEW HERE ⤡  (As reported on 9th August, 2021 ©The Leaflet)          

Institutional need to create a safe environment for judicial officers: SC VIEW HERE  (As reported on 6th August, 2021 ©The Outlook)           

Kanwar Yatra 2021: Supreme Court Asks Uttar Pradesh to Reconsider Its Stand to Hold Yatra, Says ‘Right To Life Paramount’ VIEW HERE ⤡(As reported on 16th July, 2021 ©India.com)

Sedition Law “Colonial”, Why Don’t You Drop It, Supreme Court Asks Centre VIEW HERE ⤡ (As reported on 15th July, 2021 ©NDTV)

Supreme Court puts sedition law on hold  VIEW HERE ⤡ (As reported on 12th May, 2022 ©The Tribune)

7.                     The Indian government is under the Damocles’ Sword after witnessing the Sri Lankan civil disobedience.

Section-2: What is left to be done?

i.                    Wadhawan’s lawyer Mr. Kapil Sibal will take care of the legal proceedings.

ii.                  At present, the FD and NCD Holders must pressurize the Government by the following means:

·        Be active on social media platforms by remembering the recent successful digital social movements, viz., Arab Spring Movement, Egypt Internet Revolution, Occupy Wall Street etc. Keep your pressure cooker on as a whistle-blower. Go viral with your posts on the DHFL Scam:

Website @Wordpress: https://onceinabluemoon726729221.wordpress.com/

Email ID: contactus@onceinabluemoon2021.in

Instagram: https://www.instagram.com/oiabm2021/

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Facebook: https://www.facebook.com/onceinabluemoon2021

LinkedIn: https://www.linkedin.com/groups/13949066/

Youtube: https://www.youtube.com/channel/UCN_YCiXMBfEMpkEqXO56oHg

Pinterest: https://in.pinterest.com/oiabm2021/

Blogspot: https://onceinabluemoon2021.blogspot.com/

iii.                If the Supreme Court is negative in its response, the last resorts are:

a)     NHRC⤡

b)    OHCHR⤡

14 Comments

  1. ravindramahidhar says:

    Your presentation has really given me magical experience. After going through this presentation, I feel that I have come out from dark suffocating tunnel of negativity to bright day light full of positivity. Now, I hope that we should hope to get back our hard earned money. So long, my position was equal to the repenting old couple who lost their only (earning) young son in tragic death.

    Liked by 6 people

  2. Akhar Bandyopadhyay says:

    Reblogged this on Akhar Bandyopadhyay.

    Liked by 2 people

  3. Kirit Doshi says:

    We should also inform the Supreme Court regarding all the discrepancies in the process of DHFL.
    1)Wrongly declared under IBC.
    2) Charu desai name forcibly being written without which claim forms not accepted.
    3) Non inclusion of the promoter in coc meeting -violation of IBC so that 100 percent is not given to all. Otherwise piramal would have not got DHFL.
    4)Charu desai promoting piramal resolution plan.
    5)Corrupted coc doing contempt of court against the first NCLT order favouring 100 percent repayment to all.
    6) No legal notice given to any of the investors nor any public notice given that they will stop redeeming the Fixed Deposit amount. So we have been illegally trapped and cheated in our own country.
    7) No consent taken from any of the shareholders for any action on DHFL.
    8)…… So many more points

    Liked by 2 people

  4. SUBHASHIS DUTTA says:

    Piramals have received windfall gains being the successful bidder at throwaway price.

    They have gone to court against NCLAT ‘suggestions’ that questioned gifting away avoidance transactions amounting to a whopping 45000 crore for a token Re 1.
    Even if this amount is given to the creditors, FD holders would get a negligible fraction. Therefore NCLAT order, if implemented won’t benefit us much.

    The argument before the court is the conduct of the CoC and it’s administrator. SC has opined that the commercial wisdom of CoC cannot be questioned but where commercial wisdom was completely lacking, where an uncanny self-defeating resolution that was more interested in allowing the successful bidder (Piramal) to maximize their gain rather than maximising creditors’ recovery is evident like broad daylight, SC must look into the intent, bonafides of the CoC members.

    The blanket rule of majority decision and courts blindly asserting such majoritarian resolution can surely be questioned, especially when a large number of the vulnerable citizens are going to lose their life savings. Would voting rights be conferred only on financial weightage when a particular class of creditors are very large in number but negligible on money’s worth? Would these small investors be punished for relying on false credit ratings, wrong auditors’ report when the very agencies meant to safeguard investor’s interest were criminally negligent in performing their statutory duties?
    These questions would surely ring a bell in the minds of the judiciary.

    #Keeping_fingers_crossed #Justice4DHFLFixedDepositHolders

    Liked by 3 people

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