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May 18, 20225 min read

BRIEF SITUATIONAL ANALYSIS OF THE DHFL SCAM (PART II)

Posted on 19/05/2022

Updated on 30/11/2022

In continuation with

we are presenting the following for the benefit of the DHFL victims:

Section-1: Recent Situational Analysis

This is to inform you that the situation is positive and optimistic enough because of the following reasons:

1. NCLAT Second Order (given on 27/01/2022) clearly declared the activities of the DHFL-CoC as being “contrary to law”. This is also at par with the rejected NCLT First order.

2. The Parliamentary Standing Committee has already questioned the legitimacy of the conduct of the CoCs in general. Though promised by the Hon’ble FM, no action has been taken till date to review the conduct of the CoCs.

IBC: Govt. working with RBI on CoC’s conduct VIEW HERE ⤡ (As reported on 27th August ©The Hindu, PTI)

3. Kapil and Dheeraj Wadhawan have been released on bail, in lieu of the lack of evidence against their so-called “criminal activities”. If the Wadhawan brothers would be investigated any further, it could only bring the cat out of the bag in terms of the manipulation of the DHFL case as it stands today, e.g., the collusion among Dawood Ibrahim, Iqbal Mirchi, RKW, BJP and DHFL—for which we had earlier lodged two RTIs. The replies of the concerned authority have blown in the wind!

There are two interpretations of this “bail”:

a. Pessimists think that they will fly away from India like Vijay Mallya and other wilful defaulters with the help of the crony ruling party.

What a country! The pessimists do not have any faith in the judiciary or the current political parties!

b. Optimists think that Kapil Wadhawan would keep his promise of paying all his creditors:

DHFL resolution: Kapil Wadhawan reiterates offer of 100% principal repayment VIEW HERE ⤡ (As reported on 4th January, 2022 ©The Hindu Business Line) Kindly note that Bankruptcy will not void personal guarantees: Supreme Court VIEW HERE ⤡ (As reported on May 22, 2021 ©The Times of India). Though “Honest capitalist” is an oxymoron, the FD and NCD Holders must keep their faith on their promises. One must keep in mind that the DHFL Owners continued to pay their FD Holders on time until the Bombay High Court stepped in, instigated by the Ambani conglomerate.

It is also to be noted that Mr. Kapil Wadhawan has an empathetic relationship with his inherited property and the company.

4. The Piramal Enterprises ceased all their social media activities claiming ownership of the DHFL.

5. It is also to be noted that the DHFL Home Loan Customers are not being provided with the official documents like NOC on account of the loan-transaction process. They are also aggrieved due to the astronomical interest on home loans. It entails that DHFL is an ongoing, profitable concern with a disputed ownership.



@DHFL_India you are charging 11.67% interest..Your website shows 8.75%.As per RBI press realease the interest rate should be decreased.There is no help from DHFL @RBI @NhbIndia pic.twitter.com/hUN62AIQ3W — RRP123 (@RRP_124) August 10, 2021


@PiramalFinance @CMOPb @Ajaypiramal24 @business @LCAI_Support Dear All@piramal housing, Very sad to say that I had a home loan with you.which last in Jan 2022.There is no emi due.Your co staff is asking bribe rs.500/- for returning back my original file. PFA MD letter,File00748 pic.twitter.com/ymT4WKFvPL — anil.khurana26@ (@AnilKhurana26) April 28, 2022


@PCHFIndia .. pathetic service from Piramal capital..waiting for my resolution from almost One month Customer care have no update ever… — surendrathakur2005 (@surendrathakur9) April 14, 2022


@JairamSridharan Sir, have been following up with your company officials for 3 weeks now. No response till date. This is for a false notice I received. It seems DHFL records have not been adequately handed over and customers have to suffer. Can you intervene and help! — nikunj (@nikunjpg) April 14, 2022


@DHFL_India no wonder your company got bankrupt, what on earth makes you charge 10.2% interest on home loan. You guys are shameless to the core. Your repayment process take more than a month?? The most efficient system in India. How can I close my loan amount immediately?? — Vinod Kanojia (@i_renegades) April 14, 2022


@RBI @NhbIndia @suchetadalal @MoneylifeIndia @moneycontrolcom @anekanta01 @SupriyaShrinate @cobrapost @ANI please save our houses from dhfl/piramal , moratarium of 4 months which is 64000 our tenure is increase by 5 yrs i.e 10laks add home loa .piramal says dhfl issue .help — RRP123 (@RRP_124) July 17, 2022

Please check the rest of the tweets on the grievances caused by disputed ownership of DHFL from the following Twitter accounts:

6. Some of the recent verdicts of the Supreme Court of India under the leadership of Hon CJI N. V. Ramana have signalled positive radiations. The Judiciary, though once “ramshackled”, is now getting out of crony capitalist manipulation of judgments. Perhaps, optimistically speaking, we are heading towards a free and just society.

Institutional need to create a safe environment for judicial officers: SC VIEW HERE ⤡ (As reported on 6th August, 2021 ©The Leaflet)           

Supreme Court puts sedition law on hold VIEW HERE ⤡ (As reported on 12th May, 2022 ©The Tribune)

7. The Indian government is under the Damocles’ Sword after witnessing the Sri Lankan civil disobedience.

FURTHER UPDATE:

Section-2: What is left to be done?

i. Wadhawan’s lawyer Mr. Kapil Sibal will take care of the legal proceedings.

ii. At present, the FD and NCD Holders must pressurize the Government by the following means:

· Be active on social media platforms by remembering the recent successful digital social movements, viz., Arab Spring Movement, Egypt Internet Revolution, Occupy Wall Street etc. Keep your pressure cooker on as a whistle-blower. Go viral with your posts on the DHFL Scam:

Email ID: contactus@onceinabluemoon2021.in

iii. If the Supreme Court is negative in its response, the last resorts are:

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