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Mar 175 min read

Ajay Piramal’s Contributions to the Electoral Bonds

Posted on 17/03/2024 (GMT 08:15 hrs)

Updated on 24/03/2024 (GMT 17:58 hrs)

Mr. Ajay Piramal, the owner of the Piramal Conglomerate, has a special affinity to the ruling political party of India, the BJP. He is also interestingly the secondary relative of Mr. Mukesh Ambani, BJP’s near-and-dear corporate giant. His intimate relationship to the BJP was first revealed to the public sphere when he was involved in the Flashnet Scam in the year 2018 with the BJP Union Minister Mr. Piyush Goyal, which was nothing more than a case of bribery.


DHFL: Return Gift by BJP to Piramal for Flashnet Scam

During the Dewan Housing Finance Corporation Limited (DHFL)⤡ resolution process, he was favoured much more by the RBI-appointed CoC than the other “dummy” or “proxy” (?) bidders, which ruled out DHFL’s erstwhile promoters- the Wadhawan brothers along with their 100% repayment proposal for all the creditors. On the date of the counting of votes of the Rajasthan Assembly Elections on 3rd December, 2023, Piramal Foundation was able to set up the Piramal School of Leadership at Jaipur in Rajasthan with an aim to train mid-management executives of key departments of states as well as the Centre.⤡


Quid Pro Quo: BJP and Ajay Piramal

With the recent exposé of the Electoral Bonds Scam under the Supreme Court of India’s orders, every citizen of India got hold of the names of the corporate donors, who donated “generously” to the political parties of India, with BJP heading the list by receiving a whopping 6986 crore (maximum Rs 2,555 crore received in 2019-20) rupees.

However, according to ADR, BJP received 7,700 through the Bonds.

BJP got Rs 7,700 crore via bonds, Cong Rs 1,800 crore: ADR VIEW HERE ⤡ (As reported on 16th March, 2024 ©The Times of India)

How much did Piramal contribute in Electoral Bonds? Let’s see!

Electoral Bonds

48 crores in total (PCHFL+Piramal Enterprises+Piramal Pharma= 10+10+25+3 Crores)

Breakdown

PCHFL- 10 crores (12th April, 2019)

Piramal Enterprises- 35 crores (10 crores on 12th April, 2019 + 25 crores on 7th April, 2022)

Piramal Pharma- 3 crores (14th November, 2022)

SOURCE:

Here’s a list of all those political parties that received all these “donations” in the crony-monopoly capitalist state of India:

A Few “Coincidental” Correlations

The PCHFL donated 10 crores and Piramal Enterprises donated 10 more crores to you-know-who Dark Lord aka the political Voldemort 3 months after the Cobrapost report on the DHFL scam and 2 months before DHFL allegedly defaulted on its debt repayment.

Piramal Enterprises, quite notably, donated 25 crores on 7th April, 2022, just 4 days before Mr. Piramal managed to get a “blanket” (?) stay order (on 11.04.2022) from the Supreme Court of India on the NCLAT Second Order (27.01.2022) that declared the DHFL resolution process to be “contrary to law”.

Piramal Pharma donated 3 crores in November 2022 when the Wadhawan-CBI fight was going on regarding the bail granted to the erstwhile promoters of the DHFL.

These coincidental (?) correlations are nothing more than post hoc ergo propter hoc reasonings! Or, is it really so?


THE CHRONOLOGY OF THE DHFL SCAM

Moreover, the previous issue of terror-funding the BJP with regard to the DHFL scam (before DHFL was forcibly handed over to Mr. Piramal in terms of an alleged/possible adverse possession) can also be found as follows:

Terror Funding

27.5 crores (or more) received by BJP through the proper channel of Dawood Ibrahim, lqbal Mirchi, RKW Developers (Dheeraj Realty) and DHFL.

On 29.01.2019, the Cobrapost, in its findings on the DHFL scam, reported that the BJP, the ruling party of India, was involved in this scam through terror-funding/political donation/political charity. The nexus/collusion amidst DHFL, RKW Developers (Dheeraj Realty), the BJP and the Dawood Ibrahim-Iqbal Mirchi Gang was alleged through this report.


When concerned authority of the RTI gave some #DHFL_Victims a negative(ambiguous?) response, the victims had requested the President, BJP and the Sarsanghchalak of the RSS (a non-registered Hindu extremist group) to file a defamation case against the media houses, who had spread such “rumors”. against a party, which is not a public authority. .

However, till date no such defamation case has been filed either by the BJP or by the RSS against those newspapers.

It is also to be mentioned that on 25.06.2022, the Indian National Congress alleged the BJP of getting political donations worth 27.5 crores (or more, as political parties are not “public authorities”, it is very difficult to know the exact figure of donations made by unknown sources in the electoral bonds.)

Ambiguously enough, in the case of PM CARES fund, it is simultaneously governmental as well as non-governmental. None can use the RTI for any inquiry about these transparently opaque cases from the scam-hit DHFL.

From a general viewpoint of political analysis, the role of the ruling party is to be correlated with these rampant bankruptcies in the past decade in India:

Such different modes of legitimized bribery are all going to get exposed, making the totalitarian, crony regime fall into such depths such that it won’t be able to recover itself from such a blow!


Legitimizing Bribery: Electoral Bonds and the Fall of Economic Justice

That time is going to arrive soon…

UPDATE (24/03/2024):

In a (not so) surprising turn of events, we have discovered, thanks to the Economic Times, that the Piramal Group donated an astronomical amount of 85 CRORES to the BJP ALONE!

“…three financial services companies owned by the Piramal group — Piramal Enterprise, Piramal Capital & Housing Finance and PHL Finvest — have donated Rs 85 crore to the BJP.

Piramal Capital & Housing Finance had purchased electoral bonds worth Rs 10 crore, while PHL Finvest and Piramal Enterprises had donated Rs 40 crore and 35 crore, respectively, through bonds.”

View the data as follows:

This is nothing new for Piramal since:

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