When a Victim has become a Culprit: Mr. Ajay Piramal Filed a Case against Dr. Debaprasad Bandyopadhyay

Posted on 25/09/2023 (GMT 13:18 hrs)

Updated on 20th March, 2025 (GMT 14:04 hrs)

ABSTRACT

The blog post is a fervent open letter to Ajay Piramal, chairman of the Piramal Group, condemning the acquisition of Dewan Housing Finance Corporation Limited (DHFL) by Piramal Capital and Housing Finance Limited (PCHFL) through what it claims was a fraudulent Insolvency and Bankruptcy Code (IBC) resolution process. It targets Piramal of securing DHFL at a bargain (Rs. 34,250 crores against a Rs. 94,000 crore book value), devastating fixed deposit holders, NCD investors, and small stakeholders—many elderly or reliant on these funds—while alleging a nexus with the Bharatiya Janata Party (BJP), figures like Nirmala Sitharaman, and the Reserve Bank of India enabled this through crony capitalism. The letter highlights the human toll, with depositors facing financial ruin, and charges Piramal with using legal intimidation, including via DSK Legal, to suppress activism from groups like Once in a Blue Moon Academia (OBMA). Demanding justice, including full repayment with interest for DHFL victims, the post challenges Piramal’s philanthropist image as a hypocritical mask for exploitation, citing his professed adherence to the Bhagavad Gita as incongruent with his actions. It references legal precedents like the 63 Moons verdict and ongoing resistance efforts, blending financial analysis with moral outrage to argue that the resolution process violated natural justice, prioritizing corporate gain over retail investors. The letter positions itself within a broader campaign against corporate malfeasance, calling for accountability and restitution amidst claims of systemic corruption and regulatory failure.

We are proud and happy to note that Piramal’s legal team, viz., DSK Legal, has brought the charge of Contempt of Court against Dr. Debaprasad Bandyopadhyay⤡ (Unknown Defendant No. 6; it is surprising that they do not yet know Dr. Bandyopadhyay’s address, age etc., though he is an FD holder of DHFL and Mr. Piramal put 23.07% of deposit amount from Dr. Bandyopadhyay’s investment in the latter’s bank; hence, the details must have been already available with them!), for fighting for the business-related human rights of financially abused victims in the context of the DHFL scam.

contempt-petition-piramal Download

It is also to be noted that after our responses (See Appendix) to DSK Legal’s the previous complaints such as:

(a) the 100 Cr defamation case find no mention in the above latest order;

(b) Even the question of geo-blocking and the pertinent points raised by us in relation to it have also been removed from their recent appeal except eulogies in favour of Mr. Piramal’s deeds as a so-called “reputed” “acclaimed” business tycoon.

We, on behalf of the Once in a Blue Moon Academia (OBMA), repeatedly have used reports from other media houses (thus, reported speech) saying that we are not journalists ourselves with first-hand reports. Furthermore, we have used terms such as “alleged”/“possible” each and every time to point to the facts of insider-trading, eco-terrorism, contempt of courts by Mr. Piramal (twice) in the DHFL scam and so on. Telling the matter of facts (or states of affairs) in reported speeches is not at all a case of defaming someone’s reputation.

Let us reiterate what we have pointed out in our different articles /posts on the social media with regard to the corporate tycoon Mr. Ajay Piramal:

Mr. Piramal, as an influential person, seems to be an obsessive and habitual blanket stay order-seeker. Earlier, in a case of alleged eco-terrorism, he did the same thing and was duly rebuked by the National Green Tribunal (NGT), Cf. Ajay Piramal: How Many Times Are You Seeking “Blanket” Stay Orders? VIEW HERE ⤡ .

In the occasion of both the stay orders in the context of alleged eco-terrorism as well as in the Supreme Court stay order on 11/04/2022 (on the NCLAT second verdict on 27/01/2022), it can be seen that Piramal is more equal than others⤡.

On our online mass petition⤡ as part of the non-violent web-based civil disobedience movement, addressed to

The Honourable Chief Justice of India, Supreme Court of India
The Honourable Minister of Law and Justice, Government of India
The Honourable Governor, Reserve Bank of India
The Honourable Minister of Finance and Minister of Corporate Affairs, Government of India
Volker Türk, The Honourable High Commissioner. OHCHR, United Nations
The Honourable President, Government of India

we have mentioned following texts with relevant URLs regarding Mr. Piramal:

ALL ABOUT AJAY PIRAMAL, the “winner” of the DHFL Bidding:

1. Mr. Piramal is an alleged insider trader (2016)
2. He is an eco-terrorist (for polluting Digwal, Telangana in 2019) and also who sought “blanket stay order” at the National Green Tribunal, which was rejected. In the case of the DHFL also, he wanted such a similar stay order on the “controversial” NCLAT second verdict (27/01/2022).
3. He was involved in Flashnet Scam⤡, 2018 (though Mr. Piramal was ready to defame The Wire, who first exposed the scam, for reporting the same, but till date: no such step has been taken by him) Cf. DHFL: Return Gift by BJP to Piramal for Flashnet Scam VIEW HERE ⤡ .
4. He is possibly involved in contempt of court during the DHFL resolution process by ignoring NCLT’s first verdict (19/05/2021) and skipping the points raised by the NCLAT second order (27/01/2022).

a. WHO IS AJAY PIRAMAL? VIEW HERE ⤡

b. AN OPEN LETTER TO THE HONOURABLE QUEEN OF THE UNITED KINGDOM REGARDING THE HONORARY CBE AWARDED TO MR. AJAY PIRAMAL VIEW HERE ⤡

c. THE PSYCHOANALYSIS OF A CRONY BILLIONAIRE:AJAY PIRAMAL VIEW HERE ⤡

d. REVEALING THE CONTROVERSIES ABOUT THE PIRAMAL GROUP: ADDITIONS ON WIKIPEDIA VIEW HERE ⤡

e. WHY IS MR. AJAY PIRAMAL HIDING HIMSELF FROM THE SOCIALIZATION PROCESS? VIEW HERE ⤡

f. GREETINGS TO MR. AJAY PIRAMAL: THE “SUCCESSFUL OWNER” OF THE DHFL AKA PCHFL AKA PIRAMAL FINANCE VIEW HERE ⤡

g. DEAR MR. AJAY PIRAMAL, WANNA BECOME WILFUL DEFAULTERS FOLLOWING THE PATH OF 50+ SUPER-RICH BUSINESS BARONS VIEW HERE ⤡

h. IF A[M]DANI SCAMS, CAN AMBANI-PIRAMAL BE FAR BEHIND? VIEW HERE ⤡

i. SOME OPEN, CONTROVERSIAL QUESTIONS TO MR. AJAY PIRAMAL REGARDING THE DHFL ACQUISITION VIEW HERE ⤡

j. The Old Sinner? the deeds of a paramavaisnava, Ajay Piramal VIEW HERE ⤡

k. Legality Of Ajay Piramal’s Actions: A Brief Resume⤡

l. Piramal’s “(Il)legal” Operations Not Found On Wiki⤡

m. THE CHOSEN ONES IN INDIAN POLITICAL ECONOMY: A CASE STUDY OF THE DHFL SCAM⤡

n. Are you pāpayoni or the nimitta kāraṇa for creating carceral society? A Letter to Mr. Ajay Piramal and Mrs. Swati Piramal ⤡

o. EXPOSING PIRAMAL REALTY: KRISHNARAJ RAO ⤡

It is also to be noted that India ranks 161 in the list of 180 countries worldwide in the Freedom of Press Index. Cf. INDIA WOUNDED: A BIRD’S EYE VIEW VIEW HERE ⤡

We think that Dr. Bandyopadhyay’s relentless efforts for the #DHFL_Victims will be supported by all of you and the web-based non-violent civil disobedience movement will get momentum along with parallel physical agitations.

Even if a contempt of court order is officially brought against Dr. Bandyopadhyay, it would only be in favour of the expansion (atideśa) of the anti-crony capitalism movement in India in general. It would contribute to the larger anti-fascist sentiments for the people, of the people and by the people.

Moreover, the Honourable Home Ministry has stated that one cannot arrest someone for being “abusive” on social media simply on the grounds that some person feels that to be so (under the controversial Section 66a of the IT Act, which was struck down by the Hon’ble Supreme Court of India on 24th March, 2015), since that goes against the Freedom of Speech and Expression [Article 19(1) (a)] guaranteed by the Indian Constitution.

No arrests under Sec 66-A for social media posts, rules SC VIEW HERE ⤡ (As reported on March 11, 2019 ©Tribune India)

No criminal cases against social media posts: Home Ministry VIEW HERE ⤡ (As reported on 08 December, 2022 ©Newstap)

No Citizen Can Be Prosecuted Under Scrapped Section 66A of IT Act: SCVIEW HERE ⤡ (As reported on12/OCT/2022 ©The Wire)

No citizens to be prosecuted under Section 66A IT Act: SC VIEW HERE ⤡ (As reported on Oct 12, 2022 ©The Economic Times)

Furthermore, when no other defendants/respondents in the case, viz., Facebook, Linkedin, Twitter etc., are still allowing Dr. Bandyopadhyay to continue his posts as part of a larger socio-political anti-establishment struggle, and geo-blocking in the cyber-era is impossible, why should a victim of financial abuse be stopped by some other agency of power? DSK Legal Team, in this latest appeal, has omitted them from their list of respondents!

Dr. Bandyopadhyay’s standpoint is that of a non-violent, partyless earthian, which imbibes the goal of a free and just society with horizontal mutual aid. Therefore he repeatedly quoted Gandhiji’s opinion on lawyers from Hind Swaraj (1915) in the correspondence with DSK legal.

In the end, let us quote Dr. Bandyopadhyay response to this incident:

I won’t stop until all the ailing #DHFL_Victims would get their hard-earned money (with compensation for causing physical and psychological disorders) back from the cronies. I am ready to bear my cross alone. When an astronomical amount of wilful defaulters’ money is simply written off and/or waived off, when alleged rapists are roaming scot-free with political protection, when the opposition’s dissenting voices are being mercilessly suppressed– what else can one expect from the state-corporate nexus? Down With Financial Abuse! Down With the Crony Oligarchy!

APPENDIX

UPDATE:

Dr. Bandyopadhyay sent the following mail to DSK Legal Team on 25/09/2023 (GMT: 19.21 hrs):

Dear DSK Legal Team,

I, as a sufferer and a victim of financial abuse, am in fact honoured and happy to receive your mail containing your contempt petition. As an academician, I must not fail to appreciate the betterment (not the best) of your research and investigation after already serving the entire plate of foods to you in a letter to your plaintiff :OBMA’s Web-Based Civil Disobedience Movement: An Open Letter to Mr. Ajay Piramal VIEW HERE ⤡.

In fact, it is a matter of regret that the learned counsellors at law of the DSK legal do not know:

(a) the pains, anxiety disorder of the FD and NCD holders of the DHFL

and

(b) how much venomous epithets the DHFL victims are sprinkling against your plaintiff Mr. Piramal in both the overt and covert/private social media platforms as you remain far from the madding crowd. As a legal team of a multimillionaire, you are yet to know the ground reality as such.

If you so wish, I can send you all those curses and remarks about your plaintiff, Mr. Piramal. in the form of screenshots by blurring the names of the victims or remarkers so that you cannot file cases against those innocent sufferers, who are simply spontaneously venting out their anger (out of anxiety disorders, inevitable under the corporate capitalist schizophrenia; a la Deleuze and Guattari) after losing their life-savings.

I must also wholeheartedly appreciate your complaint, which I am receiving as a compliment:

Yes, I have indeed carried out a non-violent all-out attack against the crony capitalist framework (India is ranked in ninth position in the crony-capitalist index) itself with the help of empirically available data in order to voice the concerns of “the other 98%”. I myself have not produced any data as I am not a journalist with first-hand reports. I have simply put forth certain data in reported speech whilst using terms such as “alleged”/”possibly” etc., to maintain contingency without any absolute value-loaded judgment.

Thus, in conclusion, let me send you the Once in a Blue Moon Academia (OBMA)’s response to your contempt petition:

When a Victim has become a Culprit: Mr. Ajay Piramal Filed a Case against Dr. Debaprasad Bandyopadhyay VIEW HERE ⤡

Yours Sincerely,

Dr. Debaprasad Bandyopadhyay