Posted on 01/02/2023
To
Hindenburg Research Team,
New York City
Sub: Investigating the DHFL Scam in India
Dear Hindenburg Research Team,
We are submitting a peculiar case related to man-made business-related financial abuse in India, viz., the bigger (the recently revealed Adani Group scam is the biggest scam–thanks to your tiresome research work) financial scam of India. We wish your firm to check the facts related to the Dewan Housing Finance Corporation Limited (DHFL), which was put under the Insolvency and Bankruptcy Code (2016) in December, 2019. The shadow bank was deliberately handed over to Piramal Finance aka Piramal Capital and Housing Finance (PCHF) through a transparently opaque or obfuscated resolution process, which is later on branded as “illegal”, “irregular” by the highest quasi judicial body in India, viz. National Company Law Appellate Tribunal (NCLAT).
We are attaching herewith all the documents published on our website. The following questions are to be checked in connection to the said documents:
1. The hostile takeover of DHFL by Mr. Ajay Piramal⤡ (secondary kin of another business tycoon, Mukesh Ambani, a favoured client of the hon. Prime Minister of India and obviously patronized by the ruling party, just like Mr. Adani) is still sub-judice or under adjudication. In these circumstances, How can Piramal claim the ownership status of DHFL while the matter is still awaiting the apex court and International Court (OHCHR, Singapore International Arbitration Centre etc.)’s verdicts?
2. Piramal is also spreading the (fake?) news of his ownership of the DHFL through different print and social media by using dubious names simultaneously: Piramal Capital and Housing Finance (PCHF) and Piramal Finance. Which one of these names is the actual name of Piramal’s housing finance company? (Cf. The Dilemma of schizophrenic selves: the changing names of companies under the Piramal Group: A letter to Mr. Ajay Piramal VIEW HERE ⤡)
3. It is also found that the collapse of DHFL is due to alleged terror-funding/political charity/political donation through the channel of Dawood Ibrahim-Iqbal Mirchi-RKW Developers (Dheeraj Realty)-DHFL-BJP. Does the allegation have proper grounds? (It is redundant to say to you that the donations made to the PM CARES Fund or Electoral Bonds are totally opaque. No RTI or Right To Information application can be filed to know the whereabouts of the two.) Please check the facts published across different media platforms.
Relevant documents that contain elaborate discussion on the above matter are given as follows:
· FALSE ALLEGATIONS ON THE COLLUSION AMONG THE BJP, DAWOOD-MIRCHI AND THE DHFL: A LETTER TO THE BJP PRESIDENT VIEW HERE ⤡ (Sarcasm intended under Plutocracy)
This is also to inform you that:
A. The National Company Law Tribunal (NCLT) first order (19/05/2021) asked the DHFL Committee of Creditors (CoC) to reconsider DHFL’s erstwhile promoter Kapil Wadhawan’s offer to repay the full amount to the creditors and answer it within a stipulated time period of 10 days. However, Piramal and the CoC did not heed the verdict and got the same revoked at the NCLAT (25/05/2021). Was it not a contempt of court?
B. The NCLAT Second Verdict (27/01/2022) questioned the very legitimacy of the CoC and its approved resolution plan and clearly identified certain irregularities cum illegalities in the Piramal’s Resolution Plan. The NCLAT Second order was stayed at the Supreme Court of India on 12/04/2022 after Piramal made an initial appeal against the said order on 01/03/2022.
On account of the above state of affairs, thousands of senior citizens, physically challenged persons and widows (all of them are either FD and NCD Holders of DHFL) are going through an immense amount of suffering.
We sincerely believe that your commitment towards exposing financial scams will be helpful in our case as well. We hope that you would take necessary action in this regard as you have pertinently taken in the case of the Adani Group.
Thanking you in anticipation,
Yours Sincerely,
Dr. Debaprasad Bandyopadhyay
Mrs. Rupa Bandyopadhyay
Mr. Akhar Bandyopadhyay
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