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Feb 13, 20216 min read

EMBEZZLEMENT OF DHFL-COC: A PLEA TO PROF. SUBRAMANIAN SWAMY FROM DHFL FD HOLDERS

Posted on 13th February, 2021

Updated on 9th December, 2022

To

Prof. Subramanian Swamy, Member of Parliament, Rajya Sabha

Baug-e-Sara, Ground Floor,

16, Nepean Sea Road,

Mumbai- 400036

—

AB-14,

Pandara Road,

New Delhi- 110003

SUB: EMBEZZLEMENT OF DHFL-COC: PLEA FROM DHFL FD HOLDERS

Dear Prof. Swamy,

We hope that you are doing well along with your family within this troubling time.

We, the family of a former faculty of the Indian Statistical Institute, to an alumnae of the same institute, are writing this letter to you after going through your book, RESET: Regaining India’s Economic Legacy: Regaining India’s Economic Legacy. We are your followers on Twitter and we have found that you are one of the few persons, who are dissenters within the Bharatiya Janata Party’s governance as naturally expected in the context of free and just society. We have few questions and one urgent appeal to your counsel.

Before going to put our questions and appeal, we must admit that we are overwhelmed by your following comments on Shri Shaktikanta Das (BA and MA in History!!!), Governor, the Reserve Bank of India:

“The new governor (of RBI) is highly corrupt. I got him removed (from the finance ministry). I am calling Shaktikanta Das a corrupt person. I am surprised that the man I got removed from the finance ministry for corruption was brought in as governor.” (emphasis added. as reported on Dec 23, 2018⤡)

This is also along the lines of Nobel laureate economist Abhijit Vinayak Banerjee’s comments (as reported on December 11, 2018 ⤡) on the decision to appoint Shri Shaktikanta Das as RBI-Governor arises a lot of “frightening” questions about governance issues at key public institutions like the RBI.

Both of you are quite right for your unbelievable foresight. And we are also thankful to you for filing a PIL (as reported on February 2, 2021⤡), praying for the CBI or ‘any other competent authority to investigate illegalities committed by RBI officials’ in the discharge of their functions. As we, the victims of Dewan Housing Finance Corporation Limited (DHFL)-COC scam, have lost our faith in India’s banking system, this PIL must be appreciated as it is beneficial for all of us.

As far as we understand that in spite of being an ISI alumni, you are dead against its founder, P.C. Mohalanoobis’ Second Five year Plan (Feldman–Mahalanobis model⤡). However, in the present regime, as per our limited perceptions, when Planning Commission is replaced by NITI Aayog (2014), the situation is bleak. Our observations are summarized in the following document:

On the basis of this document, we are placing following questions:

1. Are all these maladies happening due to:

(a) the failure of neo-liberal economy that encourages glocal (global+local) free flow of private capital by considering nature as a “free gift”? (We are now encountering the catastrophic consequences of anthropogenic glocal heating that mainstream Economics has totally ignored!)

Or

(b) few individuals in the apex body of the government have cut a sorry figure to execute your dream projects as depicted in your seminal works (especially in reference to your 1992 book, Building a New India: An Agenda for National Renaissance⤡) on the Indian economics?

2. According to our personal experiences, our grandparents and parents had never burnt by the fire of rampant bankruptcy, but we are. The following case, though you know it well, is to be noted:

We are spending sleepless nights for such crafted and simulated financial abuse that goes against the basic human rights. We are especially emphasizing on the third pillar of the United Nations Guiding Principles on Business and Human Rights ⤡ in this context, “Access to remedy for victims of business-related abuses”.

3. As an eminent Economic-historian, what do you think about Kautilya’s Arthasastra’s almost 40 principles on embezzlement (BOOK 2, Chapters 8 and 9)?

We have already mentioned few of those principles in our earlier letter to The Honourable President et al.:

We are the victims of embezzlement that does not follow the ethos of Hindutva and National Renaissance⤡, instead it entails the Corruption And Corporate Governance in India ⤡.

Lastly, reiterating one of the slokas of अन्नपूर्णा स्तोत्रम्, we, the inhabitants of these three worlds (भुवनत्रयम्), i.e., भूर्भुवः स्वः, we are desiring the wellbeing of the whole universe with the help of व्याहृति:

माता च पार्वती देवी पिता देवो महेश्वरः ।

बान्धवाः शिवभक्ताश्च स्वदेशो भुवनत्रयम् ॥

However, we, the Earthians, species beings, have observed certain antithetical relationships between ruling party’s declared ideology and their praxis. Tradition(s) of our soil do(es) teach us.

अयं निजः परो वेति गणना लघुचेतसाम् ।

उदारचरितानां तु वसुधैव कुटुम्बकम् ॥

— महोपनिषद्, अध्याय ४, श्‍लोक ७१

Therefore, we, the DHFL Fixed Depositors, have written the following letter to the Honourable President et al., by showing the observed anomalies (we may be wrong!) in connection with the DHFL-COC SCAM:

However, it is humiliating to note that citizens of India (that is yet to be proved by the tiresome processes of NPR-NRC-CAA) have not been replied to by the apex body of our representatives.

We, therefore, are requesting you, not only as Member of the Parliament in Rajya Sabha or as a Chairperson of Action Committee Against Corruption in India ⤡ (we are thankful for constituting this body for the welfare of the many), but also as a decent human being, to kindly look into the matter so that we can get rid of our immense miseries and sufferings.

Yours Faithfully,

Dr. Debaprasad Bandyopadhyay

Mrs. Rupa Bandyopadhyay

Mr. Akhar Bandyopadhyay

ON BEHALF OF ALL ANGUISHED, AILING DHFL FD HOLDERS [USUAL DISCLAIMERS APPLY]

बहुजनहिताय बहुजनसुखाय च॥

(“For the happiness of the many, for the welfare of the many”)

UPDATE:

To

Prof. Subramanian Swamy

Sub: DHFL Victims: Waiting for Godot

Dear Dr. Swamy,

First of all, we, the victims of the Dewan Housing Finance Corporation Limited (DHFL) scam, must appreciate and congratulate you for raising your dissenter’s voice within the “inner circle” of the richest and biggest political party. This witty voice of dissent makes us remember the era of late Atal Bihari Vajpayee ji, Lal Krishna Advani ji and Murli Manohar Joshi ji et al.

In reference to our earlier letter addressed to you: EMBEZZLEMENT OF DHFL-COC: A PLEA TO PROF. SUBRAMANIAN SWAMY FROM DHFL FD HOLDERS VIEW HERE ⤡ regarding the DHFL Scam, this is to request you to scrutinize the following matters, which, as we have observed, contain many loopholes, irregularities and illegitimacies of the DHFL Resolution process:

Despite such irregularities in the RBI-appointed Committee of Creditors (CoC) for DHFL’s conduct during the Corporate Insolvency Resolution Process (CIRP), the FD and NCD Holders (mostly aged and ailing middle-class citizens, including the employees of the Indian Air Force and UPPCL) are suffering since the past three years for the sake of the wish-fulfillment of the ruling party’s favoured business tycoons. In fact, some members of the present ruling party are trying to handover DHFL (a profitable ongoing concern) in a predetermined manner for only a penny to Mr. Ajay Piramal, an insider-trader as well as the secondary kin of Mr. Mukesh Ambani.

Moreover, the Demonetization (2016) was implemented in order to curb the flow of black money, counterfeit money and terror-funding. Even after such a move by the Narendra Modi-led government along with the PAN-Aadhaar Linking process, the biggest financial scam, viz., the DHFL Scam, still occurred. The scam includes both terror-funding (with the involvement of the ruling party in the same) as well as the opening of fraudulent bank accounts.

We, the DHFL victims, are humbly appealing to you to look into this matter of grave concern.

Please rescue us from this different type of “capital” punishment, since we have not committed any crime by investing our hard-earned money in an AAA-rated company.

Thanking you in anticipation,

Yours Sincerely,

Dr. Debaprasad Bandyopadhyay

Mrs. Rupa Bandyopadhyay

Mr. Akhar Bandyopadhyay

ON BEHALF OF ALL ANGUISHED, AILING DHFL FD AND NCD HOLDERS

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