Posted on 06/04/2024 (GMT 10:15 hrs)
Updated on 23rd November, 2025 (GMT 06:38 hrs)
ABSTRACT
This article presents a critical survey of the many controversies encircling Ajay Piramal, framing him as a polarising business-magnate whose corporate manoeuvres are frequently contested and legally fraught. Against a backdrop of alleged insider-trading, environmental violations (notably in Digwal, Telangana), the contentious acquisition of Dewan Housing Finance Corporation Limited (DHFL) via the insolvency process, large electoral-bond donations to the ruling Bharatiya Janata Party (BJP), and the use of defamation and contempt litigation against critics, the piece argues that Piramal’s business success is anchored in regulatory capture, political patronage, and legal privilege. It argues that, by deploying legal tactics such as “blanket stay orders,” leveraging judicial delays and restructuring strategies (mergers/demergers) and aligning with ruling party dynamics, Piramal navigates a “ring of fire” of regulatory, social‐ and investor-based controversies while avoiding significant accountability. The article highlights how the financial losses of depositors and NCD investors in the DHFL resolution process, the alleged environmental harms, and the suppression of dissent through legal intimidation (SLAPP-type suits) are symptomatic of a broader state–capital nexus in which ordinary stakeholders—and democratic accountability—are systematically disadvantaged. It emphasises that although many of these controversies remain sub-judice, the weight of circumstantial evidence suggests a pattern of elite protection, structural impunity and capture of institutional mechanisms.
DISCLAIMER: The allegations and claims outlined in this article are subject to ongoing judicial review and investigation, with many issues remaining sub judice. Readers should refrain from forming definitive conclusions due to the absence of conclusive evidence. OBMA has always mindfully used cautious and legally accurate language, employing terms such as “alleged,” “reported,” “possible,” and “supposed” when discussing matters related to Mr. Ajay Piramal and other business figures. We encourage readers to maintain an open-minded, critical, and independent perspective to foster a just and equitable society, challenging structurally induced constraints.
In Continuation with WHO IS AJAY PIRAMAL? VIEW HERE ⤡
As far as we know, while talking about Mr. Ajay Piramal’s previous (mis-)deeds, we have come to note the following points stretched across the past decade or so:
1. Mr. Piramal is an alleged insider trader (2016)
2. He is an alleged environmental extortionist (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 reportedly 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)
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).
The Old Sinner: the deeds of a paramavaiṣṇava, Ajay Piramal VIEW HERE ⤡
Legality Of Ajay Piramal’s Actions: A Brief Resume VIEW HERE⤡
Piramal’s (Il)legal Operations Not Found On Wiki VIEW HERE ⤡
Ajay Piramal: How Many Times Are You Seeking “Blanket” Stay Orders?
Seeing his condition, encircled with controversies, disputes and obstacles, we wrote a sarcastic (as intended under plutocratic regime) letter to Mr. Piramal:
It was not long when Piramal Group 2,000 crore loan to the Omkar developers was probed by the ED:
ED prob into Piramal Group’s Rs 2,000 crore loan to Omkar Developers VIEW HERE ⤡ (As reported on 15th May, 2021 ©Express Post)
However, as always, Mr. Piramal managed to get speedy justice for himself in this case as well:
HC restrains ED from taking coercive steps against Piramal assets VIEW HERE ⤡ (As reported on 22nd August, 2022 ©The Economic Times)
Recently on 04.04.2024,
Sebi pulls up Piramal Enterprises with regard to sale of its 8.34 per cent stake in Shriram Finance VIEW HERE ⤡ (As reported on 5th April, 2024 ©The Telegraph)
Despite all these “shortcomings” and “setbacks” in his business career, Piramal never fails to utilize an opportunity to show his affection for the Bharatiya Janata Party, the current (for how long?) ruling party of India.
With the exposé of the Electoral Bonds, we have also come to note the following about Mr. Ajay Piramal:
Electoral bonds: 33 loss-making firms donated Rs 582 crore, 75% went to BJP, says report VIEW HERE ⤡ (As reported on 4th April, 2024 ©Scroll)
Source: VIEW HERE ⤡
For More: 33 loss-making firms donated electoral bonds worth ₹582 crore, 75% went to BJP | Data VIEW HERE ⤡ (As reported on 3rd April, 2024 ©The Hindu)
Given this “ring of fire” of controversies that encircle Mr. Ajay Piramal’s business-world at this juncture, we can very well conjecture that without the massive amount of political support he is receiving from the BJP, he would have possibly been reduced to a mere “nobody”.
Our Mr. Ajay Piramal appears to be “Pound Wise but Penny Foolish”!!!
Appendix
1. Regulatory Capture and Crony Capitalism
Claim: Ajay Piramal’s corporate expansion exemplifies a deep entanglement between private capital and state power.
Evidence: The article points to Piramal’s acquisition of DHFL through the IBC process as a state-facilitated takeover — favouring a politically connected bidder. It notes Piramal’s substantial electoral-bond donations to the BJP and the Ministry of Corporate Affairs’ alleged silence on multiple investor petitions.
2. Manipulation of Legal Systems
Claim: Piramal’s network strategically employs legal tools to deflect scrutiny and delay justice.
Evidence: The article discusses the use of “blanket stay orders” and protracted judicial procedures in DHFL-related cases, alongside defamation or contempt threats against journalists and activists (indicative of SLAPP-style intimidation).
3. Environmental Violations and Corporate Ethics
Claim: The Piramal Group’s industrial activities reveal a disregard for environmental and labour safety norms.
Evidence: It references the Digwal (Telangana) factory case — long associated with environmental degradation and worker suffering — as a symbol of Piramal’s impunity and regulatory evasion.
4. Erosion of Investor Rights
Claim: The DHFL resolution process inflicted grave losses on fixed-deposit and NCD holders, violating both economic justice and investor protection principles.
Evidence: The article notes how small depositors were excluded from equitable settlement, while large financial institutions were prioritised, reinforcing the perception of a class-biased insolvency regime.
5. Manufactured Legitimacy Through Philanthropy and Media Control
Claim: Piramal’s image as a philanthropist and “ethical capitalist” masks systemic exploitation.
Evidence: His association with spiritual and philanthropic initiatives (e.g., ISKCON, education, and healthcare) is contrasted with accusations of opaque accounting, political donations, and legal muscle, exposing the duality between image-management and practice.
Power. Patronage. Impunity.
🧩 1. Regulatory Capture = Crony Capitalism
“When justice bends for donors, democracy breaks.”
Piramal’s DHFL takeover under the Insolvency Code was no rescue — it was a reward.
💰 Massive BJP electoral-bond funding + silence from regulators = corporate capture in daylight.
⚖️ 2. Lawfare & Delay Tactics
Justice delayed, investors betrayed.
From blanket stay orders to defamation suits — legal firewalls protect the powerful.
🧱 SLAPP tactics muzzle dissent; ordinary citizens pay the price.
🌍 3. Digwal: The Forgotten Wound
Environment vs Empire.
Toxic discharges, silenced workers, and a legacy of evasion —
Piramal’s factory in Telangana remains a monument to neglected accountability.
💸 4. The DHFL Victims’ Betrayal
When insolvency becomes theft.
Small depositors and NCD holders lost their life savings.
Banks and cronies walked away richer.
📉 Justice for the middle class? Denied.
🕉️ 5. The Mask of Philanthropy
Spiritual posturing cannot wash off economic sin.
From ISKCON platforms to “ethical capitalism” branding —
philanthropy is weaponized as PR, not penance.
✊ DEMAND ACCOUNTABILITY. DEFEND DEMOCRACY.
From Digwal to DHFL — India deserves answers, not slogans.
🟥 #CronyCapitalism 🔥 #PiramalControversies ⚖️ #DHFLScam 💰 #JusticeForDepositors 🌍 #CorporateImpunity
For more information, view:
Once in a Blue Moon Academia 
All his sins, misdeeds, crimes have been washed out by BJP LAUNDRY (The laundry owner is none other than CHOUKIDAR 420). Piramals have been washed with fictitious whiteness.
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My comments:
All his sins, misdeeds, crimes have been washed out by BJP LAUNDRY (The laundry owner is none other than CHOUKIDAR 420). Piramals have been washed with fictitious whiteness.
LikeLiked by 6 people