Mousetrapped: An Open Letter to the Wadhawan Brothers

Posted on 16/01/2023

Updated on 06/09/2023 (GMT 08:09 hrs)

Dear Kapil and Dheeraj Wadhawan,

At the outset, we must admit your concern for the DHFL as you have repeatedly made sincere efforts for the full repayment of the FD and NCD Holders. It is surprising enough that you, in spite of being the owner, were not made a part of the CoC for DHFL and your voice fell on deaf ears. Thanks to you for your humble concern, but you are trapped by the conspiracy of your professional competitors (cf. Kalyug, 1981; Dir. Shyam Benegal), viz., Adani-Ambani-BJP’s financial surgical strike on the financial sector in India. Despite the fact that the Supreme Court has announced the following in clear terms:

Bankruptcy will not void personal guarantees: Supreme Court VIEW HERE ⤡ (As reported on May 22, 2021 ©The Times of India)

Therefore, you have tried your level best to revive your company’s ownership.

Kapil Wadhawan vs Union Of India And Ors on 16 November, 2021 VIEW HERE ⤡

DHFL resolution: Kapil Wadhawan approaches SC with fresh petition VIEW HERE ⤡ (As reported on 8^th March, 2022 ©businessline)

Though “honesty is the best policy” is an oxymoron within the domain of supra-rich business tycoons, the euphemistic terms like “philanthropic”, “honest”, “dignified” etc., exist to signify the ambit of our MNC-controlled society. As far as we know about you and your brother’s emotional engagement with the DHFL, established by your father, Rajesh Wadhawan, the great Philanthropist, on 11th April 1984. In Satyajit Ray’s film “Shakha Proshakha” (Branches of the Tree, 1990), we can find a similar depiction of an honest, considerate and noble businessman, who, within the game of capitalism, did not shun off the rule of the game. We understand the emotional engagement with your company, which was deliberately transferred to a secondary kin of Mukesh Ambani.

The problem lies with the fictitious branch called the “Bandra” branch as alleged to be opened by you. The Enforcement Directorate (ED) alleged that Yes Bank co-founder Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters siphoned off funds worth Rs 5,050 crore through suspicious transactions to fill up the gaps created by terror-funding/political charity. We know very well that it is not possible to open such a ‘fake’ branch after the “successful” Demonetization (2016) and in the era of PAN-Aadhaar linking process. So, the Honourable PM is also to be blamed for the demonetization.

Therefore, either the Hon. PM or you are to be blamed for such scam.

AN OPEN LETTER TO MODIJI: THE HORNS OF THE DEMONETIZATION DILEMMA VIEW HERE ⤡

It is also to be noted that the terror-funding is involved in this case. All these anomalies happened due to the hungry ruling party, who is hankering after commission, or otherwise, cut-money, or simply speaking, bribe. You are bound to give such unethical donation or political charity, without which, you could not run your business. That is, to satisfy the itching palms of the ruling party, you are bound to take recourse to a compensatory process. To recompose your donation-amount, you have to take your recourse to such fraudulent accounts with the help of entities such as Yes Bank. We know quite well that you are also pressurized by the international mafia, viz., Iqbal Mirchi, who was linked with Dawood Ibrahim.

In our common sense experience, we know very well that each and every owner of business has two different types of audit-books: one is official and another one is for unaccounted transactions. In India, this shadow economy is more powerful than official fiscal auditing.

Let us go through the following report that summarizes the CBI report against you:

87 shell companies, 2.6 lakh fictitious borrowers: How DHFL promoters diverted money borrowed from banks VIEW HERE ⤡ (As reported on 28th November, 2022 ©Business Today)

A few excerpts from the above report are given as follows:

“The charge sheet stated that DHFL disbursed Rs 11,675 crore to these 87 shell companies between 2007 and 2017, and entities were incorporated in the name of Wadhawan’s employees, associates and friends, according to a report in The Economic Times.”

“A special CBI court, taking cognisance of the charge sheet, summoned all the 75 accused. It also said that an overseas level investigation was required to ensure the trail of the funds to DHFL, as per the report.

The CBI charge sheet stated that DHFL used these entities fraudulently as vehicles to divert the funds they received from the banks to their entities. DHFL has many branches for loan disbursement but for loans disbursed to the shell companies, they created a specific code in the name of ‘Bandra branch’. ”

“The ‘Bandra branch’ with code 001 was created in the software system. Trial balance of the old software system was manually fed against this branch for reconciliation of the bank’s balance. The Bandra branch did not exist physically and was created virtually and was part of the criminal conspiracy hatched by the promoters to siphon off funds from banks, the CBI said.”

“CBI stated that the company created 260,000 dummy borrowers, using a software that produces dummy data using names and addresses it picks up randomly of already existing DHFL borrowers. ”

However, the ongoing situation shows that Piramal Finance is trying to unethically, illegally occupy your beloved company before the final judgements of the national and International Apex Court. It is also to be noted that Mr. Ajay Piramal, as a secondary kin of Mukesh Ambani, a favoured business-baron of the ruling party, has got biased judgement from the RBI and RBI-appointed CoC for the DHFL, which was essentially predetermined with economic cum political motives.

In this connection, we must mention that both the NCLT on 19/05/2021⤡ ⤡ (in the first order they have mentioned your commitment/assurance to pay back FD and NCD holders’ money; but the order was not at all entertained by Piramal and Co., and they got the same order revoked at the NCLAT in a hurried manner, thereby ignoring the Tort Law⤡ and committing an evident contempt of court.) and the NCLAT second order (27/01/2022) ⤡ found irregularities and illegalities in the conduct of the RBI-appointed CoC for DHFL. Piramal has managed to stay the NCLAT Second Order on 11/04/2022, which violates the Section 209 of the IPC, since he is continuously making the false claim of being the owner of DHFL at the legal forum.

This claim of ownership is being made by Mr. Piramal across various social and print media platforms by using dubious names for his housing finance company, viz., Piramal Capital and Housing Finance (PCHF) and Piramal Finance. We discovered such ambiguity and Mr. Piramal closed all these social media sites until the Supreme Court announced the stay order, after which he resumed with his claims. The Dilemma of schizophrenic selves: the changing names of companies under the Piramal Group: A letter to Mr. Ajay Piramal VIEW HERE ⤡

As we have lost faith in the Indian judiciary⤡, we must take our recourse to the International Law, emphasizing on the issue of financial abuse and financial favouritism. Hence, to solve such situation, we are earnestly requesting you to contact the Singapore International Arbitration Centre ⤡ for getting neutral arbitration on this matter, where you can get justice in the manner of Cairns, Vodafone, Amazon etc., setting the legal precedents.

Cairn Energy wins arbitration award VIEW HERE ⤡

Vodafone Wins International Arbitration Against India in $2 Billion Tax Dispute Case VIEW HERE ⤡

Future Retail v/s Amazon: Why Amazon won the case in SIAC in 2020 and Supreme Court in 2021? VIEW HERE ⤡

As per our understanding, “International Law is the vanishing point of the jurisprudence”, therefore, you will get justice by the neutral arbitrator at the international stage since Mr. Piramal has trespassed by illegally entering into the rooms of the DHFL.

We hope that you will get rid of this type of humiliation at the time when superrich wilful defaulters are flying off the country like Bulbul birds to distant lands, the lands of no return!

Yours Sincerely,

Dr. Debaprasad Bandyopadhyay

Mrs. Rupa Bandyopadhyay

Mr. Akhar Bandyopadhyay

A Victimized Family of Bewildered, Beleaguered, Perplexed, Anguished, Anxious, Hapless, Helpless and Ailing DHFL FD Holders

ON BEHALF OF ALL ANGUISHED, AILING DHFL FD, NCD AND SHAREHOLDERS [USUAL DISCLAIMERS APPLY]

बहुजनहिताय बहुजनसुखाय च॥

(“For the happiness of the many, for the welfare of the many”)

UPDATE (03.04.2023):

On 27th March, 2023, the Supreme Court of India dismissed the allegations made by the Enforcement Directorate (ED) and upheld the default bail granted to DHFL’s ex-promoters Kapil Wadhawan and Dheeraj Wadhawan by the Bombay High Court in the Yes Bank-DHFL Money Laundering case. No criminal charges against the Wadhawan brothers have been proved conclusively yet. This has a direct binding on the future outcome of the DHFL case.

Yes Bank-DHFL scam: Supreme Court upholds default bail granted to Kapil, Dheeraj Wadhawan VIEW HERE ⤡ (As reported on 27th March, 2023 ©Economic Times)

ADDENDUM

It has also recently been found that:

Kapil, Dheeraj Wadhawan flout jail rules; meet family in pretext of medical check-ups VIEW HERE ⤡ (As reported on 29th August, 2023 ©Business Today)

“The investigation found that under the pretext of medical check-ups at government hospitals in Mumbai, the Wadhawans managed to defy the confinement at the Taloja Central Jail.”

A report from Godi Media has also focused on this “lavish” lifestyle of the Wadhawan brothers as “prisoners” (!?):