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.