The DHFL Case and the Contradictory Verdicts of the NCLAT

The article examines the contradictory verdicts from the National Company Law Appellate Tribunal (NCLAT) regarding the DHFL case, highlighting four judgments issued in January and February 2022. It questions whether these inconsistencies arose from political pressure, inadequate judicial reasoning, or flaws in the Insolvency and Bankruptcy Code (IBC). The piece argues that the NCLAT favors non-convertible debenture (NCD) holders over fixed deposit (FD) holders, calling for a reassessment of the IBC to ensure equitable treatment for all creditors.

Beyond Pretensions: Narendra Modi and Ajay Piramal

The piece offers a trenchant critique of the symbiotic relationship between Narendra Modi’s BJP-led government and Ajay Piramal, framing it as emblematic of how politico-economic power is consolidated in contemporary India by means of moral-symbolic pretension and regulatory capture. The authors open with two speeches by Modi — one on the Congress manifesto, the other on the Ambani-Adani “scandal” — which they characterise as emblematic of his “habitual … web of pseudology” and the anxieties facing his regime. They then turn to Piramal, noting his declared allegiance to Gaudiya Vaishnava spirituality (via his association with ISKCON) and yet contrasting that with the multiple controversies surrounding him: alleged environmental violations (e.g., Digwal), insider trading reliefs, his acquisition of Dewan Housing Finance Corporation Limited (DHFL) via the insolvency regime, substantial electoral-bond donations to the BJP, and his positioning as a “friendly oligarch”. The article thus argues that Piramal’s spiritual-philanthropic branding and Modi’s populist entrepreneurial discourse function together to legitimise a regime of “more equal than others” capitalism in which dissent is sidelined, regulatory checks are bypassed, and unscrutinised mass suffering persists (illustrated through farmers, Manipuri communities and FD-holders). The tone is sharply condemnatory: Piramal is depicted as a “pretentious monster” unwilling to “look in the mirror”; Modi and the BJP are argued to be on the cusp of losing power as their contradictions mount. In sum, the article frames this duo as a case-study in how political-economic power cloaks itself in spirituality, populism and development slogans to evade accountability and maintain elite rule.

Piramal Group’s Anthem-Songs and the “Commercial” Appropriation of Tagore

The blog criticizes Piramal Group’s use of Tagore’s work for corporate promotions, arguing it commercializes his legacy in ways that clash with his ideals of anti-materialism and cultural autonomy. It suggests that by framing corporate goals with Tagore’s ethos, the company reduces his cultural symbolism to mere marketing, overlooking his deeper philosophical intentions. This co-opting of Tagore’s work for business purposes is seen as disrespectful and a commodification of his intellectual heritage.