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.
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