This article argues that the DHFL collapse is not merely a corporate failure or legal dispute but a political event symptomatic of India’s deepening cronyist order, where executive power, judicial alignment, and corporate interests appear increasingly intertwined. Through comparative analysis of recent successful pressure-group interventions—such as the farmers’ movement and the pushback against Sanchar Saathi—the article highlights how public mobilization, not institutional goodwill, remains the only effective counterweight to state-corporate consolidation. It further examines the erosion of judicial independence, shrinking civil liberties, and declining democratic indicators reported by international watchdogs, situating the DHFL case within a broader crisis of accountability and participatory rights. The central thesis asserts that without organized mass resistance—legal, physical, and digital—victims of financial injustice remain fragmented, disempowered, and structurally silenced. Ultimately, the article calls on DHFL depositors to transform from isolated individuals into a collective civic force or pressure group, arguing that justice in contemporary India must be demanded, not awaited.
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.***
Fictitious Capital, Felt Consequences: A Market Check-In for the Piramal Empire
This letter-cum-article presents a public-interest reflection on recent market developments surrounding Piramal Group companies and the wider governance questions they have sparked among investors, analysts, and civil society. Drawing on publicly available financial data, media reportage, and long-circulating discussions in the public sphere, it examines the convergence of market underperformance, debt concerns, corporate restructuring decisions, and historical reputational debates linked to the group. The letter raises broader issues about transparency, accountability, political economy, and investor sentiment in contemporary India, especially in a climate where corporate influence, public institutions, and regulatory processes often appear intertwined. Without making allegations, the article highlights the anxieties and questions currently shaping public discourse—ranging from concerns about debt write-offs and governance norms to perceptions shaped by high-profile acquisitions and controversies. Its purpose is to invite open dialogue, encourage clarity, and reflect on how market narratives and public trust intersect in an era increasingly defined by corporate power and political proximity.
Mukesh Ambani and the Reliance Empire: A Chronicle of Controversies
This December 2025 dossier by OBMA chronicles Mukesh Ambani and Reliance Industries as the distilled essence of India’s crony-capitalist oligarchy: a $108-billion empire built not on innovation but on systematic resource plunder (KG-D6 gas “migration” worth billions still sub judice), predatory telecom consolidation (Jio’s zero-pricing massacre followed by tariff hikes and 40%+ market monopoly), regulatory capture via massive BJP electoral-bond funding, environmental devastation masked by greenwashed spectacles like the refinery-adjacent Vantara menagerie, and dynastic consolidation through the Ambani–Piramal marriage alliance, offshore tax havens (Stoke Park’s “charitable” conversion), and the spiritual whitewashing provided by the controversy-shadowed Radhanath Swami. From insider-trading settlements and GST wrist-slaps to the deliberate silencing of critics via Network18 ownership and legal intimidation, every scandal—from Antilia’s disputed Waqf land to Nita Ambani’s conspicuous silence during Vinesh Phogat’s Olympic heartbreak—reveals the same pattern: profit privatized, risk and ecological burden socialized, accountability deferred indefinitely by a captured state and judiciary that moves at lightning speed for the powerful and glacial pace for everyone else. In Modi’s “Viksit Bharat,” Ambani is not an outlier but the archetype: the apex predator of a political economy where billionaires do not merely influence the rules—they write them, enforce them, and, when necessary, transcend them with impunity.
From Cough Syrup to Contested Survival: Piramal Pharma’s Phensedyl and OTC Citizenship
This not-an-essay traces the cultural, political, and pharmaco-poetic life of Phensedyl—manufactured by Piramal Pharma—and situates the codeine-laced syrup within a broader history of scarcity, surveillance, and self-medication in South Asia. Moving between memoir, literary analysis, public-health framing, and theoretical lenses drawn from Foucault, Derrida, and contemporary critiques of cannibal capitalism, the piece investigates how a seemingly mundane cough syrup becomes a portal into the infrastructures of regulation, desire, and dispossession. It examines how Phensedyl served, for many in the 1980s–90s, as a substitute for alcohol in restricted environments, how codeine’s codification reflects state power over pain, and how bodies transformed into sites of both rebellion and compliance. Through lyric passages, sociological insight, and critical reflection on toxicity, addiction, and governance, the article argues that Phensedyl becomes more than a pharmaceutical artifact—it becomes a mirror through which we read the politics of breath, the bureaucratization of relief, and the evolving pharmacological citizenship of late-modern South Asia.
The Big Picture of a Philanthropic Façade: Inside the Piramal Empire
This article offers a critical exploration of the Corporate Social Responsibility (CSR) and philanthropic landscape surrounding the Piramal Group, with particular emphasis on the Piramal Foundation and its mastermind tycoon Ajay Piramal. It highlights the stark contradictions between publicly espoused moral principles and documented corporate controversies. While Piramal frames his business philosophy through the lenses of Gandhian trusteeship, Tagorean humanitarianism, and Vaishnava spiritual teachings—collectively termed by Mr. Piramal as so-called “conscious capitalism”—a series of regulatory incidents, allegations of political ties, environmental transgressions, restructuring tactics, and financial scandals underscore a dissonance between professed ideals and actual practices. The analysis contends that the Group’s philanthropic initiatives often serve not as sincere contributions to societal welfare but rather as moral facades that mitigate reputational damage, alleviate tax burdens, and transform legal mandates into narratives of benevolence. Examples such as CSR responses to historical environmental harm, privileged private healthcare options juxtaposed with public health efforts, and educational institutions seemingly designed to cater to the promoter class illustrate philanthropy being wielded as a tool for image rehabilitation and structural self-legitimization. Through this case study, the article reveals a larger systemic dynamic wherein corporate power deploys the rhetoric of service, charity, and ethical oversight to obscure or deflect scrutiny, raising profound inquiries about the political economy of philanthrocapitalism in contemporary India.
The Sovereign Insider: A Philosophical Indictment of Corporate Immunity in India — An Open Letter to Ajay Piramal
This open letter to Mr. Ajay Piramal is a philosophical indictment of the structural immunity enjoyed by India’s most privileged corporate actors, written from the vantage point of the outsider — the figure who stands scorched at the margins while power glides in the cool interior of impunity. Drawing on Camus, Kafka, Agamben, Śūdraka, and Brecht, the letter argues that the DHFL debacle and a string of insider-trading controversies reveal not isolated breaches but a systemic architecture in which political patronage, regulatory indulgence, and judicial hesitation combine to create a sovereign exception for the well-connected. Through satire, allegory, and critical theory, the narrative exposes how legality becomes porous, accountability becomes theatrical, and “honour” becomes a performative mask concealing a chaosophic, irrationally rational logic of sanctioned violence. The letter positions Piramal not merely as an individual accused of impropriety but as a symptom of a deeper political–economic disorder in which capital transcends consequence while ordinary depositors bear the existential weight of abandonment. Ultimately, it is a citizen’s dispatch from the perimeter of power — a call to recognise how India’s corporate–political nexus manufactures insiders and outsiders with sunlit inevitability.
Piramal Pharma’s QuikKool and the Biopolitics of Relief
This essay is a hybrid inquiry into pain, pharmacology, and structural violence, using Piramal Pharma’s QuikKool oral gel as both a clinical artefact and a political metaphor. Grounded in the lived experience of the author as a DHFL victim—one of the statistically erased bodies in India’s ongoing financial governance crisis—the text follows how stress-induced oral ulcers become sites of embodied vulnerability. These wounds, though clinically minor, reveal a deeper narrative: that the body becomes an archive where systemic injustice is recorded in mucosal scar tissue, where governance is felt not only in courts and bureaucracies but also in nerves, blood vessels, and salivary chemistry. A rupture in the narrative—a pharmacological table—interrupts the personal account, echoing what D. S. Kothari identifies as the reductionist violence of modern medicine. Clinical data intrudes into lived reality, forcing suffering to format itself into measurable toxicities, biochemical pathways, and treatable symptoms. The essay draws on Foucault, Sontag, Illich, Nandy, and Kothari to frame the ulcer as a biopolitical wound, the gel as an instrument of structural anesthesia, and the body as a ledger of financial erasure. Relief appears not as a neutral good but as a technique of governance: a way of rendering pain clinically legible while erasing its political origins. By interweaving pharmacology, political economy, narrative testimony, and philosophical critique, the essay argues that modern medicine—especially in its commercial OTC form—participates in a wider regime of numbing. Piramal’s non-pharmacological OTC products, when examined alongside QuikKool, reveal how toxic capitalism operates even through substances marketed as harmless. The essay ends by proposing a radical ethical stance: that healing must be understood as a political act, and relief must be interrogated as a form of governance.
DHFL Scam and the Piramal Empire: Chaosophies of the Share Market
This analysis examines the Piramal Group’s post-DHFL restructuring across Finance, Pharma, and Realty, situating it alongside the DHFL insolvency to reveal a systemic logic of corporate immunity in India. Through demergers, reverse mergers, and strategic rebrandings, the group consolidated promoter control, quarantined legacy risks, and leveraged regulatory timing while dispersing accountability. Piramal Finance Ltd.’s premium listing, despite DHFL-linked liabilities and opaque asset valuations, exemplifies how market narratives, algorithmic momentum, and legal finality privilege investor perception over depositor justice. Piramal Pharma’s operational stress contrasts with narrative-driven valuation, highlighting structural fragility masked by forward-looking communications. The study demonstrates that restructuring has evolved into a mechanism of reputational cleansing and social erasure, wherein financial architecture advances faster than justice, and ethical accountability is systematically sidelined. Moreover, the chaosophy of the share market—its inherent unpredictability, narrative-driven volatility, and speculative feedback loops—renders conventional risk assessment almost performative, showing how perception, hype, and algorithmic herding often dictate market outcomes more than fundamentals or depositor rights.
SLAPPocalypse Now: When Corporate Fragility Meets the DPDP Act — A Sarcastic Missive to Ajay Piramal (Featuring A Case Against OBMA)
This satirical legal draft lampoons the alleged use of SLAPP suits by Ajay Piramal’s legal team, mocking their attempts to file defamation and DPDP-based complaints against the author and OBMA despite the obvious legal incoherence of such actions. Through exaggerated legal language, ironic self-deprecation, and political commentary, it portrays the Respondents as targets of authoritarian overreach while highlighting how the DPDP Act is being misapplied to suppress dissent. The document parodies courtroom procedure, inflates accusations to absurd extremes, and ultimately undercuts its own premise by noting that the DPDP Act cannot even be used for defamation—exposing the strategic misuse of lawfare against activists and critics.
The Atmanirbhar Paradox: “Boycott China” for Citizens, Shanghai Sourcing for Piramal
This letter interrogates the glaring contradiction between the BJP-led Indian government’s public calls for boycotting Chinese goods and Piramal Pharma’s own officially listed Shanghai “Sourcing Office,” highlighting how nationalist rhetoric is imposed on ordinary citizens while crony conglomerates quietly expand global supply chains. Situating Ajay Piramal within a wider system of ruling-party proximity—ranging from electoral bonds and PM-CARES contributions to corporate-state entanglements—the letter questions how the BJP’s notion of “anti-nationalism” conveniently excludes large corporations even when their actions allegedly harm Indian retirees (as in the DHFL resolution) or depend heavily on China despite territorial tensions. It argues that nationalism has become a burdensome commodity forced upon the masses while exempting favoured corporates who simultaneously benefit from state patronage and globalized profit structures. Ultimately, it challenges the moral and political legitimacy of this selective patriotism and demands transparency regarding Piramal Pharma’s China-linked operations amid government-led narratives of “Atmanirbhar Bharat.”
Once in a Blue Moon Academia 