Mr. Ajay Piramal’s legal firm, DSK Legal, has been targeting DHFL victims and OBMA members with defamation and contempt cases since March 2023. The cases aim to silence dissent against Ajay Piramal’s allegedly controversial acquisition of DHFL by PCHFL, an entity that is now merged with Piramal Enterprises Ltd. The legal actions seem to lack coherence, with apparently poor research and notarization of irrelevant documents. Victims have received emails allegedly from the Bombay High Court, but no detailed or mentionable official records are available as of yet. The article calls for continued digital activism to investigate and expose Mr. Piramal’s alleged ties to the BJP and possible financial misconduct.
Category Archives: Activities
Our current activities concentrate on the case of Dewan Housing Finance Corporation Limited (DHFL), India. While exploring and investigating this particular case, we have found that India’s crony ruling party, gangsters, banksters as well as religious gurus and institutions are involved in the same. Therefore, to break such collusion, we have decided to deploy an “all out attack” on the existing paradigm of neoliberal market economy as well as market fundamentalism. ***DISCLAIMER: We have collected all the data from available sources on the internet as given on the official portals of media houses, websites and institutions and organizations. We are not first-hand reporters and hence, we are not liable for any inadvertent error or value-loaded statements made on those portals. All propositions have to be viewed as descriptive assertions on the given point of concern.***
Grok Against Indian Oligarchs?
The controversy surrounding AI chatbot Grok 3 in India highlights the intensifying digital resistance against the BJP-led government’s control over narratives. Grok’s candid responses on topics like Modi’s communal politics, RSS’s negligible role in India’s independence, and Adani’s corporate ties have triggered backlash from BJP supporters, who accuse it of bias. The Indian government’s pressure on X (formerly Twitter) to regulate AI responses mirrors previous crackdowns on digital activism, including restrictions on Fridays for Future and censoring dissenting voices. This uproar coincides with the renewed global scrutiny on Adani, particularly after U.S. legal actions against his business empire. The broader issue at stake is India’s declining free speech environment, as evidenced by its low ranking in global indices, reflecting growing censorship of politically inconvenient truths. The OBMA activist group, which has faced legal threats from Ajay Piramal’s DSK Legal for exposing financial scandals linked to BJP-affiliated corporates like DHFL, draws parallels between Grok’s suppression and their own experiences. This case underscores how India’s ruling establishment leverages legal and digital suppression to shield oligarchic interests while stifling criticism at home and abroad.
The DHFL “Scam” Fiasco: Grok’s Responses
The article examines the Dewan Housing Finance Corporation Limited (DHFL) scandal—India’s largest banking fraud involving over Rs 34,000 crore—through a hypothetical Q&A with Grok, an AI by xAI, detailing how promoters Kapil and Dheeraj Wadhawan allegedly siphoned funds via 66 shell companies, leaving Rs 29,849 crore unpaid to a 17-bank consortium. It critiques the resolution process that handed DHFL to Piramal Capital for Rs 34,250 crore, seen as undervalued and costing banks Rs 65,000 crore, while FD and NCD holders, especially seniors, received a mere 23% payout amid ongoing legal disputes. Grok’s responses highlight systemic issues like crony capitalism, regulatory failures, and political ties—including Rs 20 crore donated to the BJP—alongside unproven terror-funding links to Dawood Ibrahim, weaving a narrative of financial misconduct and establishment collusion still under investigation by the CBI and ED, as the authors push for greater scrutiny.
India’s Financial Meltdown: A Decade of Defaults, Bankruptcies and Economic Ruin
India has faced widespread bankruptcies between 2015 and 2025, with significant failures in banks, non-banking financial companies (NBFCs), and large corporations, exacerbating core economic issues. The Insolvency and Bankruptcy Code (IBC) has largely failed, leaving citizens to bear the brunt time and again. Key examples include DHFL, PNB, IL&FS, PMC, Yes Bank, Essar Steel, and Jet Airways. Additionally, write-offs (waive offs?!) of corporate loans have surged, and bank fraud cases are on the rise, with rising defaults and poor recovery rates. The ongoing financial instability, caused by such frauds, defaults and bankruptcies, has eroded investor confidence, leading to massive sell-offs. This trend has contributed to market volatility, as institutional and retail investors face significant losses, further deepening the economic distress in terms of inevitable inflation and recession risks.
The Great Anachronism: Putting the Cart Before the Horse—The DHFL “Scam”
The article critiques the handling of the DHFL case, arguing that legal actions preceded proper investigations and production of evidence, leading to unjust outcomes for the DHFL victims. In 2019, the Wadhawan brothers were penalized without trial and justification, and payouts to FD and NCD holders were halted as DHFL was placed under the flawed IBC framework. Despite irregularities flagged by the NCLT and NCLAT in 2021-22, the Supreme Court’s stay order allowed Mr. Piramal to acquire DHFL, which was later merged into PCHFL and consequently into the Piramal Enterprises. In January 2025, the CBI closed the case, clearing the Wadhawans of all allegations of “criminal conspiracy”. The article argues that state-corporate interests dictated the process, subverting justice and likening it to “putting the cart before the horse.”
DHFL Victims Encountering a Moneyless Sage
This agit-prop “fiction” narrates an encounter between the authors, who are victims of the DHFL financial scam, and a reclusive sage in the Himalayan region near Joshimath, India. The authors describe their dismay at the environmental degradation caused by unplanned mega-projects like the Chardham initiative, which have led to significant ecological damage and increased landslides in the area. During their journey, they meet a naked sage and engage in a conversation about contemporary issues. The sage expresses disdain for commercialized religious figures and criticizes the current ruling party’s push for a Hindu Rashtra, labeling it as exclusivist and fascist. He emphasizes his belief in ‘Mānavagotra,’ viewing himself as part of a universal human identity beyond national, religious, caste, or class distinctions. When the authors share their plight as DHFL scam victims, the sage advises against seeking heroes or messiahs for salvation. Instead, he encourages them to take proactive, non-violent action to reclaim their rights, citing relevant verses from the Bhagavad Gītā that emphasize the importance of self-initiated action without attachment to outcomes, and also the attachment to passive inaction. The narrative intertwines themes of environmental conservation, criticism of religious commercialization, political dissent against crony establishment, and collective empowerment in the face of systemic financial injustices, with a focus on the DHFL “scam”.
FAQ: Why is the Supreme Court Delaying its Final Verdict on the DHFL “Scam” (?) Cases?
The Supreme Court’s delay in delivering a final verdict on the DHFL scam cases stems from multiple complications. These include legal confusion due to the merger of PCHFL with Piramal, and concerns over judicial bias favoring the BJP and its alleged connections to the scam. Additionally, the CBI’s closure report, absolving the Wadhawan brothers of criminal charges, further complicates the matter. The victims of the scam are left waiting, with accusations of cronyism impacting the delay in justice.
The DHFL “Scam”: A Simulated Hoax?
The article critiques the DHFL “scam,” suggesting it was a fabricated or simulated hoax. It argues that the DHFL resolution process pre-figuratively favoured Mr. Ajay Piramal as the winning bidder, excluded the Wadhawan brothers from participating in the CIRP presenting their settlement proposals, and neglected FD and NCD holders’ interests. The piece highlights a CBI closure report from January 2025 that found lack of conclusive evidence of wrongdoing by the Wadhawans, questioning the legitimacy of the Insolvency and Bankruptcy Code (IBC) application in the context of the DHFL and implying crony political motives behind the “cooking up” of the scandal. Ultimately, it portrays the situation as financially devastating to innocent common stakeholders to enrich the superrich.
DHFL “Scam” Circus: The Great Hotchpotch
The article “DHFL ‘Scam’ Circus: The Great Hotchpotch” (Feb 16, 2025) by Once in a Blue Moon Academia dissects the DHFL case with flowcharts, posters, and satire. It highlights corporate maneuvers, particularly Ajay Piramal’s acquisition of DHFL through PCHFL. This was followed by mergers and demergers, which the article describes as a strategic legal-financial move, especially after the CBI cleared the Wadhawan brothers of wrongdoing. The article also addresses legal confusion, noting that misrepresentation regarding legal counsel led to an apology to Kapil Sibal and A.M. Singhvi, clarifying that they have always represented the Wadhawans, not Piramal’s PCHFL. Lastly, it critiques the state-corporate nexus, arguing that the RBI-appointed Committee of Creditors (CoC) and the Corporate Insolvency Resolution Process (CIRP) primarily benefited corporate entities at the expense of small investors. Comparing the DHFL saga to a Bollywood thriller, the article urges readers to closely examine the accompanying visuals to fully grasp the scale of the alleged scam.
Mr. Paramavaiṣṇava’s Trial: A Courtroom Drama
The trial of Mr. Paramavaiṣṇava—known as Mr. “P,” a high-profile business tycoon with alleged government ties—begins on a foggy morning in a dimly lit New Delhi courtroom. Accused of insider trading, environmental violations, contempts of court in the DHFL scam, and political cronyism as a whole, he faces intense scrutiny. At the outset, Mr. P swears on the Bhagavad Gītā, portraying himself as a philanthropic figure. The prosecution challenges this, arguing that his religious rhetoric masks unethical practices. Citing multiple legal violations, the prosecutor even references the Gītā to question Mr. P’s credibility. The courtroom drama intensifies with allegations of political favouritism, corporate maneuvering to evade accountability, and undue political influence. As pressure mounts, Mr. P lashes out, declaring India’s justice system unfit and hinting at fleeing abroad. The session ends chaotically when he collapses, forcing an adjournment, while his defense lawyer mysteriously vanishes. Beyond the legal battle, the trial serves as a broader critique of systemic corruption, judicial bias, and the misuse of religious imagery to shield corporate misconduct.
Once in a Blue Moon Academia 