Posted on 30th May, 2022
DISCLAIMER: The allegations and claims outlined in this letter are subject to ongoing judicial review and investigation, with many issues remaining sub judice. Readers should refrain from forming definitive conclusions due to the absence of conclusive evidence. OBMA has always mindfully used cautious and legally accurate language, employing terms such as “alleged,” “reported,” “possible,” and “supposed” when discussing matters related to Mr. Ajay Piramal and other business figures. We encourage readers to maintain an open-minded, critical, and independent perspective to foster a just and equitable society, challenging structurally induced constraints.
Abstract
This article, framed as an open letter to Ajay Piramal, critically examines the shifting corporate identities within the Piramal Group, particularly in the aftermath of the DHFL acquisition. It foregrounds the confusion and opacity generated by the interchangeable and inconsistent use of company names—such as Piramal CHF, Piramal Finance, and related entities—raising questions about regulatory compliance, corporate transparency, and accountability.
Deploying the metaphor of the “schizophrenic self,” the article interprets these shifting identities as symptomatic of a deeper structural and ideological contradiction within contemporary capitalism. Drawing on the theoretical insights of Deleuze and Guattari, it argues that capitalism simultaneously destabilizes and reorganizes identities, producing a fluid yet controlled multiplicity that obscures responsibility while enabling accumulation.
The letter further situates these corporate practices within the lived experiences of DHFL depositors, highlighting the ethical dissonance between professed corporate values—such as philanthropy, religious adherence, and social responsibility—and the material consequences faced by affected stakeholders. By juxtaposing moral rhetoric with alleged financial and legal ambiguities, the article advances a critique of crony capitalism, where legal, institutional, and symbolic mechanisms converge to produce opacity, impunity, and public disorientation.
Ultimately, the piece argues that the instability of corporate identity is not merely administrative but ideological, functioning as a strategic device that fragments accountability and normalizes systemic inequities within India’s financial and corporate governance landscape.
To
Mr. Ajay Piramal Makharia CBE,
The Honourable Chairman,
Piramal Group,
4th Floor, Piramal Tower Annexe,
Peninsula Corporate Park,
Ganpatrao Kadam Marg, Lower Parel,
Mumbai – 400013
Sub: The Dilemma of schizophrenic selves: the changing names of companies under Piramal Group
Dear Mr. Ajay Piramal,
We, the common people, do not understand the different branches of the Piramal Group. We are vexed as we think that the Group of Piramals is suffering from an identity crisis. So, we are putting forth the following questions:
1. What is your company’s identity?
Is it Piramal CHF or Piramal Finance? We have noticed that Piramal CHF is missing from almost all the social media platforms. Are you restructuring your company? If yes, why so? Does this type of anomaly in the case of company name(s) comply with the Company Act (2013; third amendment: 2019; fourth amendment bill is yet to be passed in the higher and Lower houses of our Parliament)?
2. Two or three months ago, we found that in different media platforms (CNBC, FB, Twitter, Linkedin etc.), you have declared that DHFL is now Piramal CHF. After NCLAT Second Order (27/01/2022)⤡, we have found that Piramal CHF is missing from all the fourth and fifth pillars of democracy.
Why do you allegedly occupy the DHFL website when its ownership dispute is still sub-judice (under adjudication)? Is it (see below) not a false information/fake news after the NCLAT Second Order?
3. We, the laypersons, are confused about the distinction between Piramal Pharma and Nicholas Piramal. Are they two separate, distinct companies or are they one? For his relationship with Nicholas, a UK-based company, did Mr. Ajay Piramal get the prestigious CBE? Why are you not sale-brating the reception of this award⤡ as you had ostentatiously displayed Isha-Anand’s extravagant marriage ceremony,?
4. Pharmaceutical companies are profiting by manufacturing diseases (Let them eat Pollution: the infamous Lawrence Summers’ Memo⤡)! Thanks to NICHOLAS PIRAMAL PHARMA PRIVATE LIMITED. Deep regards to their PPP venture (with the NITI ayog Surakshit Hum Surakshit Tum Abhiyaan). It is almost two and a half years that the DHFL Victims are suffering from anxiety disorders. Among them, many people are senior-citizens, physically challenged people with different comorbidities. Factually speaking, pharma companies are profiting from such manufactured incidents like the DHFL Scam. If your mission is Surakshit Hum Surakshit Tum, why are you violently insecuring the future of DHFL Victims? Is it not a severe hypocrisy by a follower of the Vaisnava dharma?
GANDHIJI’S SELF-RELIANT HEALTHCARE PROCESS: HOW HE TREATED “BA” AND HIS OTHER FELLOW BEINGS ⤡ ⤡
MEDICAL NEMESIS by Ivan Illich⤡
Kothari, Manu L. , Lopa A. Mehta. 1985. “Violence in modern medicine”. VIEW HERE ⤡
The Median Isn’t the Message VIEW HERE ⤡ © Stephen Jay Gould
5. Is your Gauḍīya Vaiṣñava dharma⤡ merely a lip service to the śrīmadbhagavadgītā⤡ ⤡? Why there is a gulf of difference between the Gauḍīya Vaiṣñava Dharma that you preach and your violent act in the case of innocent DHFL FD-NCD Holders?
6. Where are your brand ambassadors: Rahul Dravid and Farhan Akhtar⤡ ? ⤡ ⤡ Why are we not able to view them in different media platforms? Why are they not publicly recommending or advertising your products?
All the above questions lead us to think about the company’s identities! It seems/appears that only a schizophrenic person⤡ with divided self⤡ can engage oneself in such dubious activities. As a follower of the Ramakrishna-Vivekananda tradition, why are you not equating your face and your allegedly pretentious mask?
In Anti-Oedipus: Capitalism And Schizophrenia, Deleuze and Guattari argued that capitalism and schizophrenia are intimately connected through the process of deterritorialization, where established social, psychic, and economic structures are broken down. Capitalism functions as a decoding machine that liberates flows of desire from traditional constraints—much like schizophrenia represents a radical breakdown of fixed identities and codes within the psyche. This “schizophrenic” deterritorialization unleashes desire in a free, unbounded state, which capitalism then exploits by channeling it into new forms of production, consumption, and social organization. However, capitalism never fully escapes control; it immediately reterritorializes, imposing new structures and codes such as market mechanisms and consumer identities to harness and regulate desire. Thus, while schizophrenia supposedly symbolizes the potential for radical escape and subversion of oppressive systems, capitalism simultaneously subsumes and manages this very process, creating a dynamic interplay between liberation and control. This dual movement reveals capitalism’s unique capacity to both disrupt and reorganize desire, making schizophrenia a metaphor for the systemic flows that both destabilize and sustain capitalist society.
After asking all these questions, we are bound to presuppose that we are trapped by a cunning fugitive?
Yours Sincerely,
Dr. Debaprasad Bandyopadhyay
Mrs. Rupa Bandyopadhyay
Mr. Akhar Bandyopadhyay
ON BEHALF OF ALL ANGUISHED, AILING, HOPELESS DHFL FD HOLDERS [USUAL DISCLAIMERS APPLY]
See also:
The biodata of Ajay Piramal VIEW HERE ⤡
The biodata of Ajay Piramal’s guruji: Shri Radhanath Swami VIEW HERE ⤡
COPY TO:
1. THE HONOURABLE MINISTER, MINISTRY OF CORPORATE AFFAIRS, GOVERNMENT OF INDIA
2. THE HONOURABLE CHAIRPERSON, NATIONAL FINANCIAL REPORTING AUTHORITY
Once in a Blue Moon Academia 
Meri mehant ke paise ki fdr karwai thi
I PRAY TO. GOD. BEHALF OF ALL FDR HOLDER
SALE PARIMAL KUTE KI MOTE MARE
OR TADAF TADAF KE YE SANSAE SE JAYE
LikeLiked by 6 people
Excellent job done. Ajay Piramal should practice SELF REALIZATION & take positive & favorable actions to REPAY ALL DHFL FD HOLDERS FULL MATURITY VALUE (WITH TILL DATE INTEREST & COMPENSATION) by spending his money power & political influence TO ADD GOOD KARMAS IN HIS ACCOUNT to avoid SEVERE PUNISHMENT after his death.
LikeLiked by 6 people
Sir I understand your grief and I feel really sorry for all the FD holders of DHFL, however you also need to understand that the Piramal Group was giving the best value to all the creditors of DHFL which is why they were selected as the winning resolution applicant. There were just two serious bidders. Had it not been anyone, nobody would’ve got a single penny and the company would’ve been liquidated and people would’ve got amount much less than what they’re getting. Also, why should someone acquire a company for more value than what it is worth? If you go and buy a packet of salt of 1 kg and if the packet is torn and it has just 500g, would you pay the entire amount or pay what it is worth? Either you wouldn’t buy it or if you really want it, you’d pay only for how much it is worth. I am an investment banker and I have dealt with a couple of cases in IBC – including guiding potential buyers to buy assets which are in IBC. The haircut that you had to take is a typical process in most of the cases. I understand it is utterly painful and if I were in your shoes even I would’ve been really angry, after all the amount deposited was savings of years of a person’s hard work. The real people to be blamed for the losses and the siphoning of money done is the erstwhile management of DHFL. Also, I agree that IBC process and law is shitty but if you ask any lender, they’re quite happy considering they atleast recover some portion whereas in so many cases they used to write-off the entire amount earlier. You might’ve heard a lot of people say that “it is your mistake, you shouldn’t have put money in DHFL FD since the problems were persistent since couple of years” but honestly this was indeed very bad luck with irregularities of certain agencies as well. DHFL was indeed a good name back in the day so nobody could’ve predicted that the NBFC would collapse. The best case for you Sir would be to bet on the cases that I’m assuming are going on in NCLT or perhaps SC for the FD holders. You never know if the court comes up with a new benchmark hearing. Being a person who has seen the IBC process closely all I can tell you is that the Piramal Group is doing nothing wrong as far as the law is concerned and paying less than what is owed to a creditor is something very normal. The JSW Group paid a very minor amount to buy Bhushan Steel from IBC. In FY 2022 alone, they made more Profit than what they actually paid the creditors for Bhushan Steel.
LikeLike
Dear Mr. Shah,
Thanks for spending your valuable time for writing such a misinformative text that supports an alleged insider trader, viz., Mr. Ajay Piramal:
I understand that the articles on our website have made you uncomfortable and worried.
Moreover, NCLT First Order and the NCLAT Second Order bear evidence to the (mis)deeds of the DHFL-CoC, especially the second order of the NCLAT has characterized the CoC as “contrary to law”. Even the five consecutive biddings by the CoC are nothing but pre-determined scam, following a presupposed bias. Oaktree has also raised this point:
https://www.thehindubusinessline.com/money-and-banking/dhfl-bids-oaktree-mulls-legal-action-seeing-creditors-bias-towards-piramals-offer/article33488461.ece
Thus, the Parliamentary Standing Committee also questioned the conduct of the CoC:
https://www.moneycontrol.com/news/business/economy/standing-committee-on-finance-raps-ibc-over-unsustainable-haircuts-says-13000-cases-worth-rs-9-lakh-crore-pending-7269571.html?fbclid=IwAR0nBdy_v0RvxLMIk4rnOuK85qusvFEOdoa5TwiryJBsuMFNk7ICxkM329M
You have said: “You might’ve heard a lot of people say that “it is your mistake, you shouldn’t have put money in DHFL FD since the problems were persistent since couple of years” but honestly this was indeed very bad luck with irregularities of certain agencies as well”. No. We never heard from anyone this type of statement since the Air Force, the UPPCL, Ramakrishna Mission, different Catholic and Jesuit philanthropic institutes had also invested their money in the form of FD. Are they also financially illiterate? Even shareguru Mr. Jhunjhunwala had huge stocks in this company.
You’ll find the wrong deeds of Piramal in our several articles and compilations. Even we have pointed out the alleged nexus between Dawood-Mirchi-RKW-DHFL-BJP. You have to understand the crony political will behind such manufactured scam. You’ve mentioned the name of the Bhushan Steel; however, Wadhawan, Piramal and fifty plus wilful defaulters are small fries compared to Bhushan Steel. See this interview below:
R. Subramaniakumar, along with Ajay Piramal, hurriedly went to the NCLAT to nullify the NCLT First Verdict regarding the DHFL case without presenting any argument whatsoever in front of the NCLT within the prescribed time span. Is it not to be considered as a contempt of court?
Above that, the Piramal family’s connection with con-gurus, viz., Radhanath Swami and Sadhguru, also raises an eyebrow.
Furthermore, you have to notice the bloody kinship politics between Ambanis and the Piramals, the favoured business tycoons of the current ruling party.
Even you have not noticed the diligent auditing of the DHFL, an ongoing, solvent concern. They are running their business till now without serving home-loan customers for the reason of disputed ownership. You can see grievances of these customers on different social media platforms. You can see different opinions on this solvent company in the point no. 14 of the following document:
All these opinions on the assets of the DHFL show that it is still a solvent, profitable company, which should not come under the IBC:
Lastly, you have mentioned “Piramal Group”. Why don’t you say it is Piramal CHF, the name of which has vanished into the blue from nearly all the social, print and official platforms and has been replaced by the dubious new identity “Piramal Finance”? DHFL was politically gifted to Piramal CHF by dint of Rupee 1 against almost 45k Crore worth of assets. We think that Mr. Piramal is too shy to declare the name of Piramal CHF now. Why so shy, guy? Why are you so worried because of some exposing articles on this negligible (?!) website? We have already lodged another RTI (before the first one on the Dawood-Mirchi-RKW-DHFL-BJP Collusion), seeking clarification in legal terms on the dubious schizophrenic identity crisis (centering on its nomenclature) accompanied by a highly suspicious fugitive conduct of the Piramal Housing Finance Company!
For your kind information, the Indian judiciary is not our last resort. We, the victims of business related financial abuse, are prepared to approach the NHRC as well as the OHCHR under the United Nations in order to revoke our infringed human rights.
You have to know the consequences of crony and monopoly capitalism under the current plutocratic regime of democratic unfreedom:
https://www.academia.edu/45590848/CONFESSION_OF_A_VICTIM_OF_FINANCIAL_ABUSES
https://www.academia.edu/50267100/CONSEQUENCES_OF_CRONY_AND_MONOPOLY_CAPITALISM_IN_INDIA_THE_CASE_OF_DHFL_SCAM
LikeLiked by 6 people
Dear Mr. Shah,
You ll get more pertinent answer from this video:
LikeLiked by 5 people
Reblogged this on debaprasad.
LikeLiked by 4 people
Reblogged this on Rupa Sanyal.
LikeLiked by 6 people
Like piramal is pocket mar he and his family all are goes to hell i pry to god
LikeLiked by 6 people
Reblogged this on DHFL Scam.
LikeLiked by 5 people
Reblogged this on Partyless Society .
LikeLiked by 5 people
Reblogged this on Akhar Bandyopadhyay.
LikeLiked by 4 people
Reblogged this on Sanjay Kumar De.
LikeLiked by 5 people
LikeLiked by 5 people
LikeLiked by 5 people
My all saving looted by piramal family
LikeLiked by 6 people
The porblem of Piramal real estate Business :
LikeLiked by 5 people
LikeLiked by 4 people
https://platform.twitter.com/widgets.js
LikeLiked by 1 person