Revealing the controversies about the Piramal Group: Additions on Wikipedia

Posted on 26/03/2023 (IST 22:15 hrs)

Updated on 14/04/2023 (GMT 05:55 hrs)

We have added a new section, “Controversies” on the Wikipedia pages of (a) Ajay Piramal, (b)Piramal Realty and (c)Piramal Capital and Housing Finance Limited. It is part of our web-based non-violent civil disobedience movement against the plutocratic, crony-capitalist regime in contemporary India.

You may view it before possible removal of those additional sections, given the fact that Wikipedia Editors Accused Adani’s Employees Of Manipulating Information In Its Articles to escape the legitimate allegations raised by the Hindenburg Research Team⤡. (As Reported On 22nd February, 2023, ©India Times)

a) AJAY PIRAMAL @Wikipedia VIEW HERE ⤡

The changes made on the above page:

CONTROVERSIES (updated on 28/03/2023)

Controversies[edit]

Ajay Piramal^[51] was accused when the Union Minister Piyush Goyal (Bharatiya Janata Party‘s elected Member of Parliament) sold his firm to Piramal at almost 1000 percent premium^[52], four months after Goyal became a Minister in the Government of India in 2014. Thus, Piramal was part-and-parcel of this alleged financial fraud.

Piramal was accused for violating insider trading regulations in 2016^[53] and was fined Rs. 6 lakh for the same by the Securities and Exchange Board of India (SEBI).

The same situation was replicated in the context of the Dewan Housing Finance Corporation Limited (DHFL) insolvency case^[54], where the entire solvent, profitable, ongoing company worth 45k cr. was handed over to Piramal in exchange for only an Indian rupee in September 2021^[55], through an irregular and illegal resolution process led by the Reserve Bank of India (RBI)-appointed Committee of Creditors (CoC)^[56], as mentioned by the Honourable National Company Law Appellate Tribunal (NCLAT)‘s order dated 27/01/2022. Even while the matter of the DHFL scam is under adjudication or sub judice, Piramal is still claiming ownership^[57] of the DHFL across social and print media platforms by simultaneously using dubious names, viz., Piramal Capital and Housing Finance Limited (PCHFL) and/or Piramal Finance^[58]. Piramal went to the Supreme Court of India on the 1st of March, 2022, to challenge the previously mentioned NCLAT order and got it stayed on 11/04/2022.

It is to be mentioned that the RBI-appointed CoC for DHFL followed the disputed Insolvency and Bankruptcy Code (IBC, 2016), which was amended multiple times and have been questioned by the Parliamentary Standing Committee^[59] as well as by the Government of India^[60].

Previously in the DHFL case, Ajay Piramal allegedly committed a contempt of court when he intentionally ignored the National Company Law Tribunal (NCLT)‘s pertinent questions regarding the hostile takeover of the DHFL in the order dated 19/05/2021 and Piramal, accompanied by the RBI-appointed Committee of Creditors (CoC) for DHFL, rushed to the NCLAT to get the order revoked within days. The NCLT(the lowest quasi-judicial body)’s order pointed out that the full repayment proposal of the erstwhile promoter of DHFL, Kapil Wadhawan, should be reconsidered by the CoC. The NCLT’s point has to be studied in connection with the Honourable Supreme Court of India declaration in 2021 that “Bankruptcy will not void personal guarantees”^[61].

See Also: Piramal Capital and Housing Finance Limited (History)

2. Updated the reference to Ajay Piramal’s guruji, Radhanath Swami, under the “Personal Life” section on the same page:

The family considers Radhanath Swami their family-guru.^[4] It is to be noted that Swami is an alleged person with legal conflicts. ^[64]

Screenshot taken onn on 26.03.2023 at 12:07 hrs, IST

Screenshot taken on 26.03.2023, 12:08 hrs ( IST)

UPDATE (01/04/2023)

We made additions to the “Talk” section of Ajay Piramal’s Wikipedia page:

Can we equate Philanthropy and Corporate Social Responsibility (CSR)?[edit]

Some conspiracy theorists have questioned the synonymity of philanthropy and CSR. CSR is part of the capitalist agenda of “gift” to:

a. avoid income tax problems;

b. mask their profits (justifiable or unjustifiable);

Philanthropic CSR

Difference Between CSR And Philanthropy

“The ITAT ruled that prior to the amendment to Section 37(1), CSR expenses were allowed as deduction as there was no specific bar contained either under Section 37(1) or under any other provision of the Income Tax Act.”

New CSR Regime – Is it a philanthropy or a tax levy?

FAQ On CSR Cell

ICAI bats for India Inc, pitches for 100% tax deduction for CSR expenses

In this context, the “dole economy” requires a special mention, wherein the government (instead of the corporate) gifts its unemployed citizens without taking any money (freebies) from them but instead, spends the tax-payers’ contributions as well as money accumulated from external or internal debt. It does not lead to a sustainable economy since the dole policies discourage the productive engagement with the labour-process, both manual and intellectual.

Should political parties be allowed to dole out freebies? Economists offer a solution^[1] Do away with policy of doles^[2]

Thus, the equation of philanthropy and CSR in the case of Ajay Piramal et al., (other superrich business tycoons who are actually practicing CSR under the guise of philanthropy) should be questioned.

May we compare the so-called philanthropy and/or CSR, which is accumulated through the extraction of surplus labour, with Mohandas Karamchand Gandhi‘s theory of trusteeship. Akharbandyo (talk) 16:55, 30 March 2023 (UTC)[reply]

^ “Should political parties be allowed to dole out freebies? Economists offer a solution”. The Economic Times. 21 August 2022. Retrieved 1 April 2023.
^ Jagat, Gurbachan (5 July 2020). “Do Away with the Policy of Doles”. Retrieved 1 April 2023.

###

We then went ahead to expose the scams and scandals of Piramal Realty:

b) PIRAMAL REALTY @Wikipedia VIEW HERE ⤡

CONTROVERSIES

It is to be duly noted that Piramal Realty has been found to be involved in different scams and scandals relating to the Real Estate development industry. All these have been duly exposed by Krishnaraj Rao through multiple investigative reports by performing empirical researches.

Through these reports, several allegations have come to the fore, which are given as follows:

Piramal Realty has allegedly been duping/deceiving its flat-buyers by not giving them PAN and receipts.

It has also been alleged by Rao that the layout as well as flat configurations of the Piramal Vaikunth itself are unusual and problematic.

It has been further stated by Rao that Piramal Sunteck, even after giving possession to flat-owners, does not forfeit its ownership claim to those possessions.

The Piramal Revanta towers 1 to 4 are due for possession between 2023 and 2026. However, the Proforma Agreement uploaded on the RERA website shows a one-sided contract, wherein the builder company, PRL Developers Private Limited, is unconditionally enabled to exploit the development potential of the land to the hilt, without any scope for opposition by the flat-buyer. The exit clauses are also extremely one-sided. The so-called Piramal Assurance is a twisted piece of legal drafting, which actually seeks to dilute the rights of the flat-buyer, according to Krishnaraj Rao.

Several slum-dwellers were evicted in the process of construction of Piramal Mahalaxmi, which is a joint venture of Omkar Developers and Piramal in South Mumbai. According to the testimony of the slum-dwellers as reported by Rao, they have not been paid rent for any alternative accommodation, nor given rehabilitation.

All these data/record/findings of Krishnaraj Rao can be found and further explored in detail. ^[14]

Despite the fact that the Mumbai coastal area, the focal point of Piramal Realty, is considered as a climate threat zone (that would result into the creation of climate refugees^[15]) owing to the massive sea-level rise due to anthropogenic global heating^[16], Piramal Realty is operating its real estate development initiatives without paying any heed, by suffering from the boiling frog syndrome, to the fact of the environmental catastrophe. Piramal Foundation, the CSR wing of the Piramal Group, does not take this variable into its concern.

Screenshot taken on 28.03.2023 at 22:30 hrs (IST)

External Links

WHO IS AJAY PIRAMAL?

Screenshot taken on 28.03.2023 at 22:31 hrs (IST)

UPDATE (27.03.2023):

c) Piramal Capital and Housing Finance Limited @Wikipedia VIEW HERE ⤡

We continued our web-based civil disobedience movement on the Wikipedia page of Piramal Capital and Housing Finance Limited by making the following changes:

a) Adding several references

b) Adding to the “History” Section of the page since it was previously incomplete

c) Made paragraph modifications in the “Financial irregularities and probes against DHFL” section

d) Added some external links

All the changes (in text format) are given below as follows:

Piramal Capital and Housing Finance Limited (earlier Dewan Housing Finance Corporation Ltd. (DHFL)^[2] ^[3]^[4]) is a non-deposit taking housing finance company, headquartered in Mumbai with branches in major cities across India.^[5]^[6] DHFL was established to enable access to economical housing finance to the lower and middle income groups in semi-urban and rural parts of India. DHFL is the second housing finance company to be established in the country.^[7] The company also leases commercial and residential premises. DHFL is among the 50 biggest financial companies in India.^[8]

DHFL is rated ICRA D by ICRA Limited.^[9]

HISTORY

History[edit]

DHFL was established and incorporated by Rajesh Kumar Wadhawan on 11 April 1984. The name of the company was changed to Dewan Housing Development Finance Ltd. and later to Dewan Housing Finance Corporation.^[10]

In 2010, DHFL acquired Deutsche Postbank Home Finance unit for ₹1079 crores.^[11] On 18 December 2013, DHFL acquired 74% stake DHFL Pramerica Life Insurance Company Ltd.^[12]

On 29 January 2019, Cobrapost, an Indian investigative journalist group, published an exposé of DHFL for using various shell corporations to siphon more than ₹ 31,000 crores of public money for the personal gains of the DHFL’s primary stakeholders: Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan.^[13] In the same article, Cobrapost also raised allegations of political donations or terror-funding worth crores of rupees, in violation of Section 182 of Companies Act, 2013 for political donations.^[13] DHFL filed a response with the Bombay Stock Exchange saying the allegations raised by Cobrapost were untrue. DHFL, also rebutted these allegations in a hosted investors / analysts conference and clarified that the ₹ 31,000 crore loans mentioned in the allegation consist of its project loan portfolio. Also the company tried to clarify that the advances commented by Cobrapost should be ₹ 21,000 Crores and not ₹ 31,000 crores. Following the Cobrapost allegations, Indian credit rating agencies reaffirmed their high safety rating for the financial instruments issued by DHFL.^[14]

Even after the emergence of serious allegations of misconduct against its business, the Indian credit rating agencies continued to issue high safety ratings for the DHFL financial products, but, on 6 June 2019, DHFL defaulted on its debt repayment, resulting in a debt rating downgrade, immediately wiping out 16% of the value from its stock price. At the time, the fall in DHFL stock price was an all year low. This rapid decline in stock price resulted in a loss of investor confidence.^[15]^[16]

On 20 November 2019, the Reserve Bank of India (RBI) removed the board of directors of the company citing corporate governance failure and the company’s defaulted payment obligations.^[17] The Reserve Bank of India vide its Order No. DOR NBFC(PD) 986/03.10.136/2019-20 dated 20th November, 2019, superseded the Board of Directors of Dewan Housing Finance Corporation Ltd. under Section 45 IE of the Reserve Bank of India Act, 1934; and appointed Shri R. Subramaniakumar as its Administrator with effect from 20th November 2019. The RBI has also, by its press release dated 22 November 2019, constituted a 3-member committee under Section 45 IE of the Reserve Bank of India Act, 1934, to act as advisors to the Administrator, who is also the resolution professional under the Insolvency and Bankruptcy Code (IBC 2016). This is the first time that a shadow bank came under the IBC Act.

On 03.12.2019, the Corporate Insolvency Resolution Process (CIRP) initiated by an order of the NCLT (C.P. (IB)-4258/MB/2019).

On 14.12.2020, the DHFL’s erstwhile promoter Kapil Wadhawan offered to repay ^[18] DHFL’s creditors in full. The RBI-appointed Committee of Creditors (CoC) for DHFL rejected it almost immediately.

Between the period from 03.12.2019 to 17.01.2021, 19 meetings were conducted by the CoC within the pandemic period. Competing bidders included the Adani Group, Oaktree Capitals, Piramal Group etc. The Resolution Plan submitted by Piramal Group was finally approved by the CoC, avoiding highest bidder Oaktree. On 03/12/2021, Oaktree Capitals alleged bias/partiality of the CoC in favour of the Piramal Group^[19]. Wadhawan reiterated his offer for 100% repayment on 4th January, 2021^[20], without the same being considered by the CoC.

RBI approved the Resolution Plan of Piramal on 18.02.2021.^[21]

On 22nd February, 2021, Auditor Grant Thornton unearthed another fraudulent transaction by the DHFL through Forensic Auditing. ^[22]

On 19th May, 2021, the NCLT ordered [IA 2431 of 2020 in CP (IB) 4258/MB/C-II/2019 Under Section 60 (5), 227 (2), 239 of the Insolvency and Bankruptcy Code, 2016] the CoC to reconsider DHFL’s erstwhile promoter Wadhawan’s offer of 100% repayment within 10 days. ^[23] The NCLT’s point has to be studied in connection with the Honourable Supreme Court of India declaration in 2021 that Bankruptcy will not void personal guarantees^[24].

NCLAT set aside NCLT’s order after the Union Bank of India and Ajay Piramal approached the NCLAT with an urgent petition on 25.05.2021. The date of the order was not mentioned along with the omission of signatures of the judges in the said NCLAT order Company Appeal [(AT) (Insolvency) No. 370 of 2021].

NCLT approved the resolution plan in favour of the Piramals on 07.06.2021.

On 14.06.2021, the DHFL’s shares got delisted^[25] on BSE & NSE.

In September 2021, Ajay Piramal started disbursing 23.08% of the total Fixed Deposit amount to the respective Fixed Deposit Holders of DHFL, the rest of the amount going for a major haircut. ^[26]

On 27th January, 2022, following the case filed by 63 Moons Technologies (the case questioned the deal of Piramal’s resolution plan, wherein the approx. Rs. 45k crore worth of assets were bought by paying only a rupee.^[27] 63 Moons cited the Section 66 of the IBC, which provides for the benefit of all the creditors of the insolvent company) the NCLAT passed an order that declared the illegalities and irregularities of the DHFL CoC, its conduct and the allocation of the resolution amount as well. It designated the 18th CoC meeting to be “contrary to law” and “void” to that extent. ^[28]

On 01.03.2022, Piramal approached the Supreme Court of India, challenging the NCLAT’s said Order^[29].Wadhawan approached the Supreme Court with his previous offer that was rejected by the CoC on 8th March, 2022.^[30]

On 11th April, 2022, the Supreme Court stayed the NCLAT Order^[31]. Despite the fact that the case is under adjudication or sub judice, Piramal CHFL acquired DHFL by using dubious company names: Piramal CHF and Piramal Finance (See References 2, 3, 4).

The small investors of the DHFL, the Fixed Deposit and Non-Convertible Debenture (NCD) Holders, have been deprived of their hard-earned life savings as a result of this stay order by the Supreme Court of India. Many esteemed institutions such as the Indian Air Force Group Insurance Society, Uttar Pradesh Power Corporation Limited (UPPCL), Ramakrishna Mission, Sasakawa-India Leprosy Foundation etc., had invested in the DHFL. Financial abuse in terms of the curtailment or infringement of business-related rights as stated in the United Nations Guiding Principles on Business and Human Rights, safeguarded by the Office of the United Nations High Commissioner for Human Rights (OHCHR), especially the “Access to remedy for victims of business-related abuses”. The National Human Rights Commission, India rejected the appeals made by some Fixed Deposit holders of the DHFL^[32].

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^[33] ^[34]. 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^[35]

EXTERNAL LINKS

References

^ Jump up to:^a ^b ^c ^d “DHFL Financial Report FY 2017-18” (PDF).
^ “An RTI to the Department of Legal Affairs regarding the disputed ownership status of the DHFL”. 20 September 2022. Retrieved 27 March 2023.
^ According to the Resolution Plan submitted by Ajay Piramal to the Reserve Bank of India (RBI)‘s Committee of Creditors (CoC), the Dewan Housing Finance Corporation Limited was handed over to Piramal Capital and Housing Finance Limited (PCHFL) in September 2021, with the approval of the RBI. However, PCHFL is dubiously using a second name “Piramal Finance” on the social and print media platforms. This ambiguity of names of the company has not been resolved as of yet. “AN RTI ON “WHO OWNS DHFL NOW: PCHF OR PIRAMAL FINANCE?””. 21 June 2022.
^ “The Dilemma of schizophrenic selves: the changing names of companies under the Piramal Group: A letter to Mr. Ajay Piramal”. 30 May 2022. Retrieved 27 March 2023.
^ “NSE – National Stock Exchange of India Ltd”. nse-India.com. Retrieved 1 February 2018.
^ “Stock Share Price dewan housing finance corporation ltd | Get Quote dhfl”. bseindia.com. BSE. Retrieved 1 February 2018.
^ “About us – DHFL”. dhfl.com. Retrieved 1 February 2018.
^ “Dewan Housing Finance Corporation History | Dewan Housing Finance Corporation Information – The Economic Times”. economictimes.indiatimes.com. Retrieved 1 February 2018.
^ “DHFL ratings” (PDF). BSE India.
^ “Dewan Housing Finance Corporation > Company History > Finance – Housing > Company History of Dewan Housing Finance Corporation – BSE: 511072, NSE: DHFL”. moneycontrol.com. Retrieved 1 February 2018.
^ “DHFL buys Deutsche Postbank’s unit for Rs 1,079 crore”. Business Standard India. Press Trust of India. 2 December 2010. Retrieved 1 February 2018.
^ “DHFL and Prudential Financial, Inc. complete ownership transfer of life insurance joint venture in India” (PDF).
^ Jump up to:^a ^b “:: Cobrapost ::”. cobrapost.com. Archived from the original on 29 January 2019. Retrieved 15 January 2022.
^ “News portal alleges Rs 31,000 crore fraud by home finance company DHFL – Times of India ►”. The Times of India. Retrieved 5 February 2019.
^ “DHFL tanks 16% after rating downgrade; what should investors do?”. Moneycontrol. Retrieved 7 June 2019.
^ Mahesh, Prashant (7 June 2019). “Debt mutual funds take a tumble as DHFL slips on payment”. The Economic Times. Retrieved 7 June 2019.
^ “Reserve bank of India – Press Release”.
^ Shukla, Saloni (14 December 2020). “Kapil Wadhawan submits proposal to repay DHFL creditors”. The Economic Times. Retrieved 27 March 2023.
^ “DHFL bids: Oaktree mulls legal action ‘seeing’ creditors’ ‘bias’ towards Piramal’s offer”. http://www.thehindubusinessline.com. 3 January 2021. Retrieved 27 March 2023.
^ “DHFL resolution: Kapil Wadhawan reiterates offer of 100% principal repayment”. http://www.thehindubusinessline.com. 4 January 2021.
^ “RBI approves Piramal’s resolution plan for DHFL”. http://www.thehindubusinessline.com. 18 February 2021. Retrieved 27 March 2023.
^ “Auditor reports fresh ₹6,182-cr fraud in DHFL”. http://www.thehindubusinessline.com. 22 February 2021. Retrieved 27 March 2023.
^ “NCLT directs DHFL lenders to consider ex-promoter’s offer”. The New Indian Express. 20 May 2021. Retrieved 27 March 2023.
^ “Bankruptcy will not void personal guarantees: Supreme Court”. The Times of India. 22 May 2021. Retrieved 27 March 2023.
^ “BSE, NSE to suspend trading in DHFL shares from Monday”. The Economic Times. 13 June 2021. Retrieved 27 March 2023.
^ “Piramal completes acquisition of DHFL for Rs 34,250 crore, biggest resolution in value terms”. The Economic Times. 30 September 2021. Retrieved 27 March 2023.
^ “Piramal ascribes Re 1 to Rs 45,000 cr recoveries in DHFL: 63 moons objects at NCLAT”. The Times of India. 7 July 2021. Retrieved 27 March 2023.
^ “NCLAT asks CoC to consider 63 moons’ plea in DHFL Resolution Plan”. The Times of India. 27 January 2022. Retrieved 27 March 2023.
^ Srivats, K. R. (1 March 2022). “DHFL Resolution: Piramal Group files appeal in Supreme Court against NCLAT ruling”. http://www.thehindubusinessline.com. Retrieved 27 March 2023.
^ “DHFL resolution: Kapil Wadhawan approaches SC with fresh petition”. http://www.thehindubusinessline.com. 8 March 2022. Retrieved 27 March 2023.
^ “DHFL resolution: Supreme Court stays NCLAT January order, to hear appeal on May 5”. Moneycontrol. 11 April 2022. Retrieved 27 March 2023.
^ “FINANCIAL ABUSE OF THE DHFL VICTIMS: A COMPLAINT TO THE NHRC”. 24 October 2022. Retrieved 27 March 2023.
^ “Why Dewan Housing Finance share price fell up to 15% in early trade today”. businesstoday.in. 6 June 2019. Retrieved 25 July 2019.
^ Borate, Neil (21 May 2019). “DHFL puts fresh deposits and renewals on hold, halts pre-mature withdrawals”. Mint. Retrieved 25 July 2019.
^ Borate, Ravindra N. Sonavane, Neil (22 May 2019). “DHFL falls nearly 10% as company stops accepting fresh deposits, halts renewals”. Mint. Retrieved 25 July 2019.
^ Roy, Anup (31 January 2019). “Govt launches probe against DHFL, issue may hit sector investment”. Business Standard India. Retrieved 25 July 2019.
^ “YES Bank share price loses 30% on surprise Rs 1,506-crore net loss in Q4”. businesstoday.in. 30 April 2019. Retrieved 25 July 2019.
^ Ghosh, Shayan (23 September 2019). “Use of insolvency code in Dewan Housing will expedite resolution process”. Mint. Retrieved 23 September 2019.
^ Das, Saikat; Rebello, Joel (28 September 2019). “DHFL offers to repay investors in full, but seeks nod for ICA”. The Economic Times. Retrieved 28 September 2019.
^ “Debt-laden DHFL loaned to firms tied to its promoters: ED probe”. The Indian Express. 21 October 2019. Retrieved 21 October 2019.
^ “DHFL News: DHFL lent Rs 2,186 crore to company under lens for Mirchi links, ED investigations reveal”. The Economic Times.
^ “False (sarcasm intended) allegations on the collusion among the BJP, Dawood-Mirchi and the DHFL: A Letter to the BJP President”. 28 March 2021. Retrieved 27 March 2023.
^ “BJP received donations from scam-hit DHFL, says Congress”. The Hindu. 25 June 2022. Retrieved 27 March 2023.
^ “AN RTI ON THE ALLEGED COLLUSION AMONG DAWOOD-MIRCHI-RKW-DHFL-BJP”. 19 February 2022. Retrieved 27 March 2023.
^ “Reserve Bank of India – Press Releases”. Archived from the original on 13 February 2020.
^ “DHFL promoter Kapil Wadhawan arrested in Iqbal Mirchi money laundering case”. 27 January 2020. Archived from the original on 14 February 2020.
^ “Cricket matches in Wankhede to disrupt normal traffic in South Mumbai”. 8 March 2020.
^ “Crisis-Hit Yes Bank Founder Rana Kapoor’s Wife, Daughters Charged By CBI”. NDTV.com. Retrieved 13 March 2020.
^ Correspondent, H. T. (24 March 2021). “CBI books DHFL over fake accounts created in PMAY”. mint. Retrieved 25 March 2021.
^ “DHFL Share Price Hits Lower Circuit After CBI Books Promoters For Creating Fake Accounts”. Moneycontrol. Retrieved 25 March 2021.
^ “CBI books DHFL for creating over 2 lakh fake home loan accounts under PMAY”. Hindustan Times. 24 March 2021. Retrieved 25 March 2021.
^ “DHFL directors availed thousands of crores through fake loan accounts under PMAY: CBI”. http://www.businesstoday.in. 24 March 2021. Retrieved 25 March 2021.
^ “Dewan Housing Finance Corporation Share Price Live, Dewan Housing Finance Corporation Stock Price Today”. The Economic Times. Retrieved 1 February 2018.

Screenshot taken on 27/03/2023 at 23:00 hrs (IST)

Screenshot taken on 27/03/2023 at 23:00 hrs (IST)

Screenshot taken on 27/03/2023 at 23:03 hrs (IST)

Screenshot taken on 27/03/2023 at 23:05 hrs (IST)

Screenshot taken on 27/03/2023 at 23:07 hrs (IST)

UPDATE (30/03/2023):

On 30th March, 2023, we added a paragraph to the “History” section of PCHFL’s Wikipedia page and added two comments on “Talks” section of the same page. They are given as follows:

HISTORY

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^[33][34]. 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^[35].

UPDATE (01/04/2023)

TALK

The switch over from DHFL to Piramal Capital and Housing Finance Limited aka Piramal Finance[edit]

It is to be duly noted that the first line of this article: “Piramal Capital and Housing Finance Limited (earlier Dewan Housing Finance Corporation Ltd. (DHFL) ) is a non-deposit taking housing finance company, headquartered in Mumbai with branches in major cities across India“, is ambiguous and legally disputable as the matter of ownership of the said company is still under adjudication or sub judice. Even, the logo of Piramal Finance aka Piramal Capital and Housing Finance is not used as the Company Logo in this article– the old DHFL logo is justifiably used here by contradicting the claim of Piramal CHFL’s ownership of the DHFL. The possession of the DHFL by Piramal is adverse to law and negatively tour de force. It was predicted that Piramal’s road remains bumpy due to legal hurdles.

The Latin Maxim: “Possessio contra omnes valet praeter eur cui ius sit possessionis’ (he that hath possession hath right against all but him that hath the very right)” applies in this context.

Landmark Judgement by Supreme Court on Adverse possession

In Suit For Possession, Prior Possession Becomes Relevant When Both Parties Fail To Establish Title : Supreme Court The possession/entitlement over DHFL by Piramal also violates the guidelines set out by the Tort Law.

AN RTI ON “WHO OWNS DHFL NOW: PCHF OR PIRAMAL FINANCE?”

The Dilemma of schizophrenic selves: the changing names of companies under the Piramal Group: A letter to Mr. Ajay Piramal

An RTI to the Department of Legal Affairs regarding the disputed ownership status of the DHFL

2. This type of manipulative procedures or transparently opaque matter of facts are seen within the regime of Bharatiya Janata Party, e.g., electoral bonds scam [1], PM CARES Fund Scam. These type of practices with secret mission is part of democratic unfreedom that entails the crony and monopoly capitalist scenario in partly free India.

Akharbandyo (talk) 16:26, 30 March 2023 (UTC)

d) Piramal Foundation @Wikipedia VIEW HERE ⤡

We moved ahead with our non-violent attack, being engaged in pen/keyboard-front, to question the so-called “Philanthropic” activities of Piramal Foundation.

TALK⤡

Can we equate Philanthropy and Corporate Social Responsibility (CSR)?