DHFL’S PRESENT OWNER: A FACT-CHECKING INITIATIVE

Posted on 14/01/2023

Dear Alt News,

We are submitting a peculiar case related to financial abuse in India, viz., the biggest financial scam of India. We wish your agency to check the facts related to the Dewan Housing Finance Corporation Limited (DHFL), which was put under the IBC (2016) in December, 2019. The shadow bank was deliberately handed over to Piramal Finance through a transparently opaque resolution process.

We are attaching herewith all the documents published on our website. The following questions are to be checked in connection to the said documents:

1. Who is the present owner of the DHFL?
2. The hostile takeover of DHFL by Mr. Ajay Piramal is still sub-judice or under adjudication. In these circumstances, How can Piramal claim the ownership status of DHFL while the matter is still awaiting the apex court and International Court (OHCHR, Singapore International Arbitration Centre etc.)’s verdicts?
3. He is also spreading the (fake?) news of his ownership of the DHFL through different print and social media by using dubious names: Piramal Capital and Housing Finance (PCHF) and Piramal Finance. Which one of these names is the actual name of Piramal’s housing finance company?  (Cf. The Dilemma of schizophrenic selves: the changing names of companies under the Piramal Group: A letter to Mr. Ajay Piramal VIEW HERE ⤡)
4. It is also found that the collapse of DHFL is due to alleged terror-funding/political charity/political donation through the channel of Dawood Ibrahim-Iqbal Mirchi-RKW Developers (Dheeraj Realty)-DHFL-BJP. Does the allegation have proper grounds? (It is redundant to say to you that the donations made to the PM CARES Fund or Electoral Bonds are totally opaque. No RTI can be filed to know the whereabouts of the two.)  Please check the facts published across different media platforms.

Piramal Finance aims at ‘Budget Bharat’ to expand VIEW HERE ⤡ (As reported on 13th January, 2023 ©The Times of India)

Relevant documents that contain elaborate discussion on the above matter are given as follows:

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

·       THE CHRONOLOGY OF THE DHFL SCAM VIEW HERE ⤡

·       FALSE ALLEGATIONS ON THE COLLUSION AMONG THE BJP, DAWOOD-MIRCHI AND THE DHFL: A LETTER TO THE BJP PRESIDENT VIEW HERE ⤡

·       AN RTI ON THE ALLEGED COLLUSION AMONG DAWOOD-MIRCHI-RKW-DHFL-BJP VIEW HERE ⤡

·       WHO IS RESPONSIBLE FOR THE DECEPTIVE AUDITING OF THE DHFL? AN RTI TO THE CAG OF INDIA VIEW HERE ⤡

·       AN RTI ON “WHO OWNS DHFL NOW: PCHF OR PIRAMAL FINANCE?” VIEW HERE ⤡·

·       An RTI to the Department of Legal Affairs regarding the disputed ownership status of the DHFL VIEW HERE ⤡

This is also to inform you that:

A. The NCLT first order (19/05/2021) asked the DHFL Committee of Creditors (CoC) to reconsider DHFL’s erstwhile promoter Kapil Wadhawan’s offer to repay the full amount to the creditors and answer it within a stipulated time period of 10 days. However, Piramal and the CoC did not heed the verdict and got the same revoked at the NCLAT (25/05/2021). Was it not a contempt of court?

B. The NCLAT Second Verdict (27/01/2022) questioned the very legitimacy of the CoC and its approved resolution plan and clearly identified certain irregularities cum illegalities in the Piramal’s Resolution Plan. The NCLAT Second order was stayed at the Supreme Court of India on 12/04/2022 after Piramal made an initial appeal against the said order on 01/03/2022.

On account of the above state of affairs, thousands of senior citizens, physically challenged persons and widows (all of them are either FD and NCD Holders of DHFL) are going through an immense amount of suffering.

In allusion to the recent uproar/rumour centering the Goebbelsian movie “The Kashmir Files” and its so-called “Oscar Nomination” (?!), we may also compare the phenomenon of Piramal constantly declaring himself to be the owner of DHFL only by winning the bidding process, which does not at all guarantee (or make Piramal eligible for) full ownership of the concerned company unless the same is legally validated by the hierarchy of courts. It is possible only in the context of the plutocratic society, dominated by crony and monopoly capitalism.

We sincerely hope that our concern shall be taken care of by the independent fact-checkers of Alt News accordingly.

Yours Sincerely,

Dr. Debaprasad Bandyopadhyay

Mrs. Rupa Bandyopadhyay

Mr. Akhar Bandyopadhyay