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    • Feb 20
    • 8 min read

How Do We Have So Little in Our Pockets Given That The Few Have So Much Money?

Posted on 20/02/2024 (GMT 18:48 hrs)

To

The Honourable President,

Republic of India

To

The Honourable Chief Justice of India,

Supreme Court of India

To

The Honourable Prime Minister of India,

Government of India

To

The Honourable Minister of Home Affairs,

Government of India

To

The Honourable Minister of Finance and Minister of Corporate Affairs of India,

Government of India

Sub: “Begging”(?!) for the Hard-Earned Money of the Distressed, Ailing DHFL Victims

Dear Madams/Sirs,

It is to convey to you with deepest regret that the hard-earned life savings of the Dewan Housing Finance Corporation Limited (DHFL) Victims, viz., the Fixed Deposit (FD) and Non-Convertible Debenture (NCD) holders, are stuck for more than four years due to the repercussions of setting a precedent (the first case as a “litmus test” regarding an AAA-rated NBFC, an ongoing and solvent company, where even Governmental Bodies like UPPCL, Indian Air Force Group Insurance Society had invested their money) for the 2016 Insolvency and Bankruptcy Code (IBC), which has been amended multiple times (35+) in the past few years, making it an ill-conceived code.

The DHFL was put by the Hon’ble RBI into a Corporate Insolvency Resolution Process (CIRP) in 2019 led by the RBI-appointed Committee of Creditors (CoC) for DHFL that resulted into huge haircuts for its small depositors, leading to a financial abuse or a curtailment of the business-related human rights.

We know from Kauṭilya’s Arthaśāstra (Book 2, Chapters 8 and 9) that ‘Embezzlement’ (misappropriation of funds) is prohibited in any form. We are the victims of such embezzlement.

This is no less than a “disaster” in the broader sense of the term, considering it as “an event or fact that has unfortunate consequences”. Despite the ongoing legal processes and the two positive verdicts (NCLT verdict: 19/05/2021; NCLAT verdict: 27/01/2022) in favour of the DHFL victims, there seems to be little hope left in recovering their money following this judicial manner alone.

As we consider the welfare state is our “friend in need”, we, the DHFL victims, cannot help but reiterate from our own tradition the following:

उत्सवे व्यसने चैव दुर्भिक्षे राष्ट्रविप्लवे। राजद्वारे श्मशाने च यस्तिष्ठति स बान्धव:॥

– हितोपदेश:

(The true friend is the one who subsists in ceremonies, disasters, in famine and civil disobedience as well as in the royal court, in the burning place. — Hitopodeśa)

In the Pañcatantra also, we have learnt the ethico-epistemology of friendship in terms of its five principles, viz., Mitrabheda (Breaking friendship), Mitralābha (Gaining friends), Kākolūkīyam (Crows and Owls), Labdhapranāśa (Loss of Gains) and Aparīkṣitakārakam (Ill-considered actions), as told by Paṇḍit Viṣṇusarmā. The relationship between the state, government and the citizen is like Kṛṣṇa-Sudāmā relationship (recently, this reference was made by our Honourable PM⤡).

When we, the citizens of India, have heard the resonance of the sound “Mitra” from our Honourable Prime Minister, we reckon that this special term does not entail Mitrabheda but ), Mitralābha. For the Aparīkṣitakārakam, the DHFL victims deposited their life-savings that unfortunately contributed to their Labdhapranāśa. As there is no crow-owl (Kākolūkīyam) relationship in between the welfare state and its citizens, we consider it quite valid to approach you with the event of this disastrous happening. We consider the word “disaster” as defined above, and not fully according to the European meaning of the term that restricts it to “natural” calamities alone. In this context, we must remember our ancient sages, who were deeply concerned about the great dissolution (mahāpralaya). Therefore, they insisted on the Śruti (speech), instead of brittle lipi (writing).

Therefore, we are appealing to you for returning our hard-earned money, considering our age-old tradition of sampradāna (special gift), as there are many options for sampradāna within the Indian Constitutional or Legal system as well.

Not only that, in the Manusmṛti, one can also find such defence of “vittāgama”:

सप्त वित्तागमा धर्म्या दायो लाभः क्रयो जयः ।

प्रयोगः कर्मयोगश्च सत्प्रतिग्रह एव च ॥ ११५ ॥

“There are seven lawful sources of income: inheritance, acquisition, purchase, conquest, investment, industry and receiving (or getting hold of, grasping, accepting) of proper gifts.”— (10. 115)

Thus, the karmayoga of sampradāna is to be emphasized for the sake of karmaphala. Moreover, it is also to be noted that the majority of the DHFL FD and NCD holders are born Hindus. Therefore, Hindu Khatre Mein Hai (The Hindus are in Danger) ⤡⤡⤡ .

The following is a possible list of available sources or options for the smooth disbursement of the money of the deranged DHFL victims within the reaches of our beloved welfare state. The same may be considered for the hastened resolution of this lacunae in the full-proof Indian nation-state before the upcoming General Elections. Blessings will be thrown on the revered feet of the rescuer of DHFL victims from a considerable portion of the Indian electorate. Moreover, the “false” (?!) allegations on the Bharatiya Janata Party (BJP) regarding its nexus with the terrorist gang, Dawood Ibrahim, Iqbal Mirchi, Chhota Shakeel in association with the DHFL will also be erased.⤡⤡

Moreover, the stains of the Flashnet Scam could also be removed for eternity by yielding the quality of unwavering dayā. However, we, who had been made paupers by illegitimately deploying the IBC, do not want undue privilege of pity but as legitimate claimers of our demands. The Donor-Receptor relationship should also be altered in a horizontal society without any hierarchy.

1. Electoral Bonds

First of all, one obvious source of funds is the much-discussed Electoral Bonds, which has recently been ruled out as “unconstitutional” by a Supreme Court bench headed by the Honourable CJI. All the amounts deposited in these bonds from “unknown” corporate donors could as well be used for the “bahujana hitāya, bahujana sukhāya” of the DHFL victims.

The Hon’ble Supreme Court of India also observed that a large number of shell companies are created by the corporates to donate to political parties.

BJP got lion’s share of electoral bonds till March 2023 VIEW HERE ⤡ (As reported on 15th February, 2024 ©The Hindu)

Furthermore, the amounts spent by the political parties in India for horse-trading after elections could be deployed for the recovery of dues of the innocent DHFL victims.

We have seen heaps of money stored in the residential flats of leaders, which are seized by the government. Since the seized money is within the grasps of the government, our plea stands the case.

2.     PM’s National Relief fund

Going by our previous extended definition of “disaster” and further reaffirming it following Merriam Webster’s Dictionary, as “a sudden calamitous event bringing great damage, loss, or destruction; broadly: a sudden or great misfortune or failure”, the DHFL victims’ case should be considered legitimately as a disaster. Consequently, the Prime Minister’s National Relief Fund (PMNRF) could be utilized thus in this case for the amelioration of the calamitous condition of the DHFL Victims:

3.     PM CARES Fund

Despite the existence of the PMNRF, our present welfare state introduced a distinct body/trust called the PM CARES Fund, which persists away from the public eye. This is also one of the alternative funds from which one may consider the payment of the rightful dues to the DHFL victims, considering the astronomical amount which it contains at present (as far it has been revealed in the public sphere).

“Government-run firms accounted for 59.3% donations that listed entities made to a private fund run by PM Modi, as per Business Standard. The PMO had told the Delhi high court in January that PM CARES is not a ‘public authority’.”

4.     Investor Protection Fund (IPF)

The SEBI keeps an Investor Protection Fund (IPF), which could also be possibly put to use in the case of the DHFL.

We filed an RTI (SEBIH/R/E/23/01215) regarding whether the said fund could be used in the case of the FD holders of a so-called “insolvent” company on 23.12.2023, to which a reply from the concerned CPIO came on 18.01.2024, which said that our query could not be considered within the purview of “information” as defined in Section 2(f) of the RTI Act (2005). Instead, they provided us with the following link:

5.     Superrich Wilful Defaulters

In April 2020, Banks wrote off 68k Cr loans of the superrich wilful defaulters, who have fled the country within ever meeting their payment obligations. Their stolen funds could be retraced and directed towards the hapless victims of the DHFL scam.

Interpol takes down Red Notice against Mehul Choksi VIEW HERE ⤡(As reported on 21st March, 2023 ©The Hindu)

6.     Swiss Bank

Our Honorable Prime Minister, before becoming a PM, declared in an election rally, that he would bring back the black money, deposited in the Swiss Bank:

However,

Such high amounts could be best used in the context of India’s biggest financial scam (before the Hindenburg Report on the Adani Group)’s victims.

7.     Black Money Seizures

When black money is located by the investigating agencies through raids, the major portion of the money goes to the Government Exchequer or to the SBI. Hence, the same can be the source of putting an end to the DHFL Victims’ misery.

Hope you will consider the DHFL victims’ humble plea for the sake of prajāhita:

प्रजासुखे सुखं राज्ञ: प्रजानां च हिते हितम्‌ ।

नात्मप्रियं हितं राज्ञ: प्रजानां तु प्रियं हितम्‌ ।।

(“People’s happiness should be the King’s happiness. Welfare of the people is the King’s welfare. For a king, there is no task which is only individualistic and pleasurable to him only. It is the king’s utmost duty to look after the progress and welfare of the people of his country.”)

Yours Sincerely,

Dr. Debaprasad Bandyopadhyay

Mrs. Rupa Bandyopadhyay

Mr. Akhar Bandyopadhyay

N. B. If the victims of Ponzi schemes like Sahara and Alchemist get back their money from the welfare state, why not the DHFL victims? Considering the fact that DHFL is (?!) a shadow bank, which is an ongoing, profitable and solvent concern (which never defaulted in its payment obligations till September 2019, when the payments were stopped by the order of the Bombay High Court in the case lodged by Reliance Nippon Life Insurance) the victims deserve justice.

COPY TO:

1. Dr. Mohan Bhagwat, Sarsanghchalak, Rashtriya Swayamsevak Sangh (RSS)

2. The Honourable President, Vishva Hindu Parishad (VHP)

3. Shri Jagat Prakash Nadda, The President, Bharatiya Janata Party (BJP)

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