The article discusses The DHFL scam, one of India’s largest corporate frauds (~₹34,000 crore), involved massive fund diversion through shell companies and fictitious borrowers, as exposed by a Cobrapost sting and later confirmed by KPMG’s forensic audit. Despite clear red flags, credit-rating agencies maintained high ratings, auditors overlooked accounting irregularities, and regulators like SEBI and RBI failed to act swiftly. DHFL defaulted in 2019, became the first NBFC under IBC insolvency proceedings, and was later acquired by Piramal Capital. The scam highlighted systemic failures in governance, auditing, and regulatory oversight, prompting tighter NBFC regulations, strengthened auditing standards, and enhanced corporate governance norms.
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.***
Mission SRK: Hold Brand Ambassador Accountable in the DHFL Fiasco!
The article highlights an initiative by financially abused DHFL victims who have sent letters to consumer rights authorities in India and the Prime Minister’s Office (PMO). They are specifically emphasizing on the role of Shah Rukh Khan, the company’s former brand ambassador, to recognize their plight and support their quest for justice. The victims, many of whom are senior citizens and small investors, contend that SRK’s endorsement fostered their trust in DHFL, which subsequently collapsed, erasing their life savings. This campaign seeks to hold him morally accountable while advocating for increased scrutiny and legal responsibility for celebrities endorsing financial institutions, positioning it as a battle for justice and consumer rights.
Let Them Eat Philanthropy: Piramal’s Divine Economic Paradox
This paper offers a critical, self-reflective interrogation of the intertwined narratives of corporate philanthropy, regressive taxation, and public disenfranchisement in contemporary India, with a particular focus on the Piramal Group. Juxtaposing India’s rising indirect tax burdens on the middle class with corporate tax minimization strategies, the essay exposes the paradox of ‘development’ that privatizes profit while socializing environmental and health costs. Using a blend of sarcasm, literary parody, and empirical data—ranging from GST fluctuations to the crumbling public healthcare system—it deconstructs how ‘philanthropic’ giants like Ajay Piramal reap tax benefits, wield influence through electoral funding, and contribute minimally to actual public welfare, while projecting moral superiority through CSR and token charity. The work situates this critique within broader discourses on crony capitalism, Gandhi’s misappropriated trusteeship, and the Summers Memo logic of “let them eat pollution.” This analysis ultimately questions the ethical legitimacy of corporate altruism in a system rigged for profiteering, illustrating how the economic policies of the last decade have systematically eroded public goods in favour of oligarchic consolidation.
Many Tongues, One Resistance: Plea to the Distressed DHFL Victims
This plurilingual public appeal by OBMA addresses the defrauded depositors of DHFL, emphasizing the systemic failure of justice under crony capitalism in India. While recognizing the limitations of domestic legal remedies, it calls for peaceful civil resistance and international intervention through the UN Human Rights system (OHCHR). The article encourages mass mobilization via petitions, specifically targeting celebrity endorsement accountability (Shah Rukh Khan) and audit-credit rating failures. It frames this as a collective struggle for visibility, justice, and institutional memory. Multiple translations amplify inclusivity and reach.
Don’t Let Justice Be Overruled: Honouring NCLT and NCLAT in the DHFL Debacle
In the long and convoluted journey of the DHFL insolvency saga, two quasi-judicial bodies—NCLT and NCLAT—stood out for their timely, bold, and procedurally sound interventions. From directing a reconsideration of the 100% offer to identifying discriminatory irregularities in the resolution process, these tribunals prioritized justice over expediency. This post is both a thanksgiving and a public appeal: NCLT and NCLAT must not allow their principled findings to be buried by later Supreme Court overruling. In an era of post-truth, let institutional memory resist judicial amnesia.
Is change.org a Reliable Petition Public Platform for Justice?
This article interrogates the structural contradictions and opaque operational logic of Change.org, a platform widely regarded as a grassroots petition engine for justice. Drawing on the author’s lived experience with unexplained signature count reductions and suspected content suppression, it situates Change.org within the broader economy of digital activism where public outrage is algorithmically packaged for visibility and monetization. Despite popular assumptions of its progressive orientation, this paper argues that the platform’s apparent ideological tilt is symptomatic not of political commitment but of profit-maximizing emotional amplification. Furthermore, the piece contextualizes these concerns within a case study of the OBMA campaign for DHFL victims, where legal intimidation and social media censorship—allegedly linked to corporate interests—highlight the fragility of digital dissent. The article challenges both the ethical legitimacy and the epistemic reliability of Change.org as a site of justice-oriented mobilization.
MEMO SUBMITTED: Demand for a Judicial Truth Commission on the DHFL Verdict
This article announces the submission of a people’s memorandum to India’s highest constitutional and judicial offices, demanding a Judicial Truth and Accountability Commission to probe the DHFL Supreme Court verdict—a decision that legitimized the corporate expropriation of thousands of depositors’ life savings. The memo exposes judicial silence, regulatory complicity, and the erasure of dissent. Backed by a rapidly growing online mass petition, this is a collective cry for justice, transparency, and the restoration of democratic integrity in the face of systemic betrayal.
Justice for DHFL Victims: Demand a Judicial Truth Commission Now! (An Online Mass Petition)
The article calls for a Judicial Truth and Accountability Commission to investigate the DHFL insolvency verdict, which allegedly enabled corporate expropriation of small investors’ savings. It poses questions to the Supreme Court for upholding a reportedly flawed resolution plan, questions regulators, the CoC, and corporate actors like Ajay Piramal of collusion, and highlights systemic failures, including cronyism, auditor lapses, and possible political links. Framing the crisis as a human rights issue involving financial abuse, the petition seeks justice, reparations, and institutional accountability.
Justice via Intimidation? A Financially Abused Citizen vs. the Corporate-State Nexus
The author of this open communication to the Hon’ble Bombay High is a victim of the DHFL financial scandal. He reports receiving a Bombay High Court suit (No. 42 of March 17, 2025) unusually via the Mumbai Sheriff, which contained identity errors, redundant or blank pages, and a mere five‑day response window, compared to the 90 days apparently allotted to corporate plaintiff Mr. Ajay Piramal. He argues that this situation appears to constitute legal intimidation by a powerful corporate‑state nexus that has left him impoverished and unable to secure counsel within such a short temporal window. He highlights his right to self‑representation and demands clarity on the apparently vague allegations, framing the situation as Kafkaesque. Additionally, he draws attention to alleged corporate malfeasance linked to Ajay Piramal—insider‑trading fines, environmental violations, political donations, and controversial acquisitions such as DHFL, along with real‑estate deals—and contends that the political executives enforce the law selectively, favoring elites and infringing upon constitutional rights and international human rights norms. This open communication is intended to defend the fundamental freedom of speech and expression, which constitutes an exception to defamation as guaranteed under Article 19(1)(a) of the Indian Constitution.
Mr. Ajay Piramal: A Snapshot of ALLEGED Controversies
The article presents a brief portrayal of Ajay Piramal, juxtaposing his typically lauded “philanthropic” (CSR) efforts through the Piramal Foundation’s initiatives with a myriad of serious allegations suggesting misuse of influence and finances. Critics sometimes assert/allege that he orchestrated a questionable purchase of DHFL through a dubious IBC resolution process, which has led to potential court contempt issues. SEBI investigations into insider trading (2016, 2019) and irregularities in stake sales (2024) are also present with regard to Mr. Piramal’s business career. He is also reportedly connected to the Flashnet scandal and alleged environmental damage in Digwal, Telangana, where he purportedly sought and lost a stay order at the National Green Tribunal. Additional controversy arises from ₹85 crore in BJP donations through electoral bonds, purportedly exploitative real estate clauses, and a loan to Omkar Developers that prompted ED scrutiny—yet Mr. Piramal is said to have obtained legal protection. The narrative suggests that his political connections, particularly with the BJP, may have enabled him to repeatedly evade regulatory accountability, casting doubt on whether his philanthropic initiatives are intended to deflect criticism from these alleged financial improprieties. The article does not intend to defame or target the individual Ajay Piramal; rather, it seeks to highlight the potential implications of a corporate tycoon operating within a BJP-led crony framework in contemporary India.
Once in a Blue Moon Academia 