Posted on 14th April, 2025 (GMT 16:20 hrs)
ABSTRACT
The article expresses solidarity with victims of the Dewan Housing Finance Corporation Limited (DHFL) scam. It frames the victims not merely as passive sufferers but as active agents seeking justice against financial abuse, allegedly perpetrated through a nexus involving crony capitalism, political collusion, and corporate misconduct. The piece highlights the futility of legal battles ALONE, referring to the April 1st verdict of the Supreme Court of India. The article challenges the resolution process that favoured Piramal Group’s acquisition of DHFL. It criticizes the Insolvency and Bankruptcy Code (IBC) for prioritizing corporate interests over small investors, particularly senior citizens and fixed deposit (FD) and non-convertible debenture (NCD) holders. The article calls for collective resistance, urging victims to unite in a non-violent, web-based movement to demand accountability and fair compensation, while condemning systemic corruption and judicial complicity.
Saṅgacchadhvaṃ saṃvadadhvaṃ saṃvo manāṃsi jānatām
Devā bhāgaṃ yathā pūrve saṃjānānā upāsate
“May we march forward with a common goal. May we be open-minded and work together in harmony. May we share our thoughts for integrated wisdom. May we follow the example of our ancestors who achieved higher goals by virtue of being united.” (Ṛgveda, 10.191.3)
oṃ sahanāvavatu
sahanau bhunaktu
saha vīryaṃ karavāvahai
tejasvināvadhītamastu mā vidviṣāvahai
oṃ śāntiḥ śāntiḥ śāntiḥ
“Om, may we be protected.
May we be nourished.
May we work together with great energy.
May our learning be radiant and effective.
May we not hate or have ill-will toward each other.
Om, peace, peace, peace.” (Taittirīya Upaniṣad – Śikṣāvallī, 1.1)
In light of these collectively sanctifying declarations, OBMA wishes to invite the following groups of individuals:
A) DHFL victims who had the financial means to approach the courts or persistently engage with the judiciary, fought their cases, but ultimately faced failure due to the current crony-capitalist regime led by the BJP.
B) DHFL victims who lacked the resources to pursue costly legal action, and, as a result, refrained from asserting their rights, possibly due to factors such as limited technological access (or even technological indifference, ignorance), lack of awareness about ongoing developments, or relying solely on divine intervention without taking personal action.
C) DHFL victims who could not afford expensive legal battles but fought through online platforms such as OBMA and others—though few in number—understood that relying solely on prayer would not suffice and took action through digital means.
We wish to emphasize that the aforementioned groups are united by a common objective: to achieve distributive justice for the financially abused DHFL victims, ensuring they receive their hard-earned dues in full. In conjunction with this, they also have a common-enemy: the politico-corporate collusion.
This shared goal unites them in practice under a common denominator: DHFL VICTIMS. This sense of collective identity fosters a “we-feeling” to combat the crony agents responsible for the systemic harms inflicted on these innocent small depositors.
Now, beyond being divided among ourselves, we must elevate the call to take on this struggle together. How do we unite in this fight? Through mass mobilization, rather than solely depending on court verdicts. We can no longer anticipate any favorable outcomes from the Indian courts, as justice increasingly becomes a commodity in the market. Mass mobilization is the sole approach to unite under a shared objective and common point of identification, as outlined above.
This mass mobilization can take the form of digital efforts, grassroots initiatives, or a combination of both. Integrating these approaches could enhance the visibility of DHFL victims’ cries and dissenting voices, especially since the ruling classes and their allies mostly remain unresponsive; it requires a powerful outcry to penetrate their pretentious silence and/or inaction.
Let us not reflect the deliberate inaction of the profit-motivated governmentality. Let us reflect action as protest, action as resistance!
This is our participatory democratic right, as Thomas Paine argued. The right to rebel emerges when the governing class fails to stay accountable to the needs, demands, and rights of the governed; thus, the governed have legitimate grounds to rise against the given governing class in order to restore their dignity.
Mere right to change ruler is no guard against tyranny: CJI NV Ramana VIEW HERE⤡ (As Reported on 1st July, 2021 ©The Indian Express)
On the occasion of Ambedkar Jayanti, we would like to reinstate Babasaheb’s summarized contention, a call for action:
EDUCATE, AGITATE, ORGANIZE!
These three steps encapsulate the essence of all social movements: awareness, campaigning, organizing, and mobilizing—striking the blow when the iron is hot!
Dear DHFL Victims,
Your dreams deserve every ounce of effort—chase them with unwavering determination! Every small step forward is a victory, building momentum toward your ultimate goal. Stay focused, push through obstacles, and trust in your inner strength—you are capable of far more than you realize. This journey is yours to conquer, so rise, own it, and make it happen!
“Arise, awake, and stop not till the goal is reached!”
—Swami Vivekananda
A Call to Unite for Justice!
It’s time to reignite our collective fire! The #DHFL_Victims have endured injustice from the RBI-appointed CoC, the RBI, and the Supreme Court. For four years, we’ve poured our hearts into creating investigative content—posters, films, videos, podcasts, RTIs, and appeals to the NHRC and international bodies—to expose this premeditated financial abuse and corporate exploitation.
Yet, true change requires unity! We’ve humbly asked for just ₹1 to test our solidarity, but only seven donors (one not even a victim) have stepped forward. Running 15+ websites and sustaining this fight requires resources—resources that depend on your support. Without mass mobilization, the four pillars of democracy won’t bend toward justice.
Stand up, unite, and fuel this movement! Together, we can shake the system and reclaim what’s rightfully ours. Believe in the power of solidarity—let’s educate, agitate, and organize for victory!
Join the movement.
“Be the change you want to see in the world.” — M. K. Gandhi
Victory awaits us, only if we care to act!
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