Once in a Blue Moon Academia

onceinabluemoon2021.in/
to promote and to protect human and animal rights in all parts of the world, study and dissemination of promotion knowledge of International Human Right related issues along with convergences of different disciplinary studies in accordance with the Philosophy of Science(s), to solve the problems related to anthropogenic global heating, to develop theory and methods, and their utilities in research and practical applications.

Once in a Blue Moon Academia boosted:
2026-02-02

Blooded Waters, Dirty Hands: An Elegy for Puṇyodaka
onceinabluemoon2021.in/2026/02
Rivers remember. Power forgets — and poisons. This elegy tears open the mask of sanctity over pollution, silence, and spectacle. Read, rage, resist. , , , , , , , , , , , , , ,

This text is an elegy for puṇyodaka—not as a lost ritual substance, but as a shattered moral condition. Moving across Kalidasa’s Meghadūta, the Vana Parva’s Yaksha-prashna, biblical plague, Macbeth’s indelible blood, and Sartre’s Dirty Hands, it traces how water—river, sea, confluence—has been converted into spectacle, alibi, and instrument of power. Empirical poisonings (heavy metals, fecal coliforms, ecological collapse) coexist with choreographed immersions, artificial ghats, and submarine devotions, revealing a regime of simulation where sanctity is performed while rivers rot and silences are enforced. The work argues that contemporary governmentality no longer seeks purity but stages it, laundering violence through ritual, nationalism, and necessity. Against Hoederer’s calculus and Macbeth’s despair, the Yaksha’s ancient answer—manomalatyāga, the renunciation of inner stain—returns as an indictment: when minds remain polluted by greed, vanity, and commanded quiet, no river can cleanse. Puṇyodaka vanishes not because water fails, but because power poisons meaning itself. What remains is refusal: the withdrawal of consent from any politics that needs blood to function, spectacle to survive, and dirty hands to rule.
Once in a Blue Moon Academia boosted:
2026-01-27
This article critically examines the Insolvency and Bankruptcy Code (IBC), 2016, arguing that it has evolved into a structurally predatory regime enabling the systematic transfer of public, depositor, and taxpayer-backed wealth to politically connected private entities. Through the lens of the DHFL resolution, it analyzes key judicial rulings—including the Delhi High Court’s holding that Insolvency Professionals are not “public servants” under the Prevention of Corruption Act, 1988, and the Supreme Court’s 2025 affirmation of the Piramal plan—revealing chronic delays, 67–68% average haircuts, fraud laundering via Section 32A, and unchecked Committee of Creditors (CoC) dominance. Situating DHFL within India’s declining Corruption Perceptions Index (96th/180, score 38/100 in 2024), the study highlights premature occupation by Ajay Piramal, enabled by his secondary kinship to Mukesh Ambani and BJP-linked patronage. It concludes that incremental amendments are insufficient and advocates complete repeal in favour of a transparent, constitutionally compliant framework prioritizing public interest, restitution, and accountability under Articles 14 and 21.This article critically examines the Insolvency and Bankruptcy Code (IBC), 2016, arguing that it has evolved into a structurally predatory regime enabling the systematic transfer of public, depositor, and taxpayer-backed wealth to politically connected private entities. Through the lens of the DHFL resolution, it analyzes key judicial rulings—including the Delhi High Court’s holding that Insolvency Professionals are not “public servants” under the Prevention of Corruption Act, 1988, and the Supreme Court’s 2025 affirmation of the Piramal plan—revealing chronic delays, 67–68% average haircuts, fraud laundering via Section 32A, and unchecked Committee of Creditors (CoC) dominance. Situating DHFL within India’s declining Corruption Perceptions Index (96th/180, score 38/100 in 2024), the study highlights premature occupation by Ajay Piramal, enabled by his secondary kinship to Mukesh Ambani and BJP-linked patronage. It concludes that incremental amendments are insufficient and advocates complete repeal in favour of a transparent, constitutionally compliant framework prioritizing public interest, restitution, and accountability under Articles 14 and 21.
Once in a Blue Moon Academia boosted:
2026-01-25

অঘোষিত জরুরি অবস্থার (দুঃ-)সময়ে না-রাষ্ট্রের বি-কল্প-না (Imagining No-State Alternities Amidst the Horrors of Undeclared Emergency)
shorturl.at/hndxt

Here, compelled by the urgency of the moment and sustained by the hope of a no-state imagination, two pieces have been brought together amid an undeclared emergency. Needless to say, both writings engage with the present political condition of India and attempt to wrest hope out of despair. The BJP’s IT cell manufactures false propaganda. Utpal Dutt, by contrast, would turn the charge on its head and declare, “I am a propagandist.” Following his lead—and pushing it a step further—we say: we are counter-propagandists. Consider this entire exercise as nothing more (and nothing less) than a political manifesto, into which a distinctly non-mainstream strand of academia has quietly seeped in.এখানে সময়ের প্রয়োজনে, না-রাষ্ট্রের আশায়, অঘোষিত জরুরি অবস্থার মধ্যে দুটো লেখা সংকলিত করা হলো। বলা বাহুল্য, দুটো লেখাই বর্তমান ভারতবর্ষের রাজনৈতিক পরিস্থিতি আর দুরাশা নিয়ে সুরাশা করা হয়েছে। ভাজপার আইটি সেল মিথ্যে প্রোপাগাণ্ডা করে। উৎপল দত্ত উল্টে বলতেন, “আমি প্রোপাগান্ডিস্ট”। আমরা তাঁকে অনুসরণ করেই আরেকটু বাড়িয়ে বলছিঃ আমরা কাউন্টার-প্রোপাগান্ডিস্ট। ধরে নিন এই গোটাটাই একখানা রাজনৈতিক ইস্তেহারমাত্র, যেখানে ভেন্ন ধাঁচের আকাদেমিয়া সেঁধিয়ে আছে।
Once in a Blue Moon Academia boosted:
2026-01-23
Here is a condensed version of the manifesto summary:

This manifesto delivers a sharp, evidence-based indictment of India's Insolvency and Bankruptcy Code (IBC) 2016, exposing it as a structurally predatory system that systematically funnels public, depositor, and taxpayer wealth into private corporate hands under the pretext of efficient insolvency resolution.

Relying on IBBI statistics through 2025 and key cases (DHFL, Bhushan Power & Steel, Videocon, Aircel), it shows the IBC has betrayed its core promises: time-bound processes, value maximization, equitable treatment, fraud clawback, and genuine revival. Instead, it delivers chronic delays, haircuts averaging 67–68%, sidelining of retail depositors and public claims, fraud laundering via Section 32A immunity, and uncritical judicial deference to creditor “commercial wisdom.”

The DHFL case serves as the definitive “laboratory proof”: a solvent entity was handed over at a massive discount, tens of thousands of crores in avoidance recoveries were privatized, and hundreds of thousands of small savers were effectively robbed.

Framed within India's crony-capitalist ecosystem and opaque political-finance nexus, the manifesto dismisses piecemeal fixes as futile and demands the **complete scrapping** of the IBC, to be replaced by a transparent, accountable, constitutionally sound insolvency regime that prioritizes restitution, public interest, and justice over plutocratic extraction.Here is a condensed version of the manifesto summary:

This manifesto delivers a sharp, evidence-based indictment of India's Insolvency and Bankruptcy Code (IBC) 2016, exposing it as a structurally predatory system that systematically funnels public, depositor, and taxpayer wealth into private corporate hands under the pretext of efficient insolvency resolution.

Relying on IBBI statistics through 2025 and key cases (DHFL, Bhushan Power & Steel, Videocon, Aircel), it shows the IBC has betrayed its core promises: time-bound processes, value maximization, equitable treatment, fraud clawback, and genuine revival. Instead, it delivers chronic delays, haircuts averaging 67–68%, sidelining of retail depositors and public claims, fraud laundering via Section 32A immunity, and uncritical judicial deference to creditor “commercial wisdom.”

The DHFL case serves as the definitive “laboratory proof”: a solvent entity was handed over at a massive discount, tens of thousands of crores in avoidance recoveries were privatized, and hundreds of thousands of small savers were effectively robbed.

Framed within India's crony-capitalist ecosystem and opaque political-finance nexus, the manifesto dismisses piecemeal fixes as futile and demands the **complete scrapping** of the IBC, to be replaced by a transparent, accountable, constitutionally sound insolvency regime that prioritizes restitution, public interest, and justice over plutocratic extraction.
Once in a Blue Moon Academia boosted:
2026-01-17
This article provides a balanced, evidence-based critique of the accountability framework for credit rating agencies (CRAs) in India—primarily CRISIL, CARE Ratings, and ICRA—under the SEBI (Credit Rating Agencies) Regulations, 1999 (as amended up to 2026).
Key points:

CRAs are legally required only to follow due process and issue ratings as "professional opinions," not guarantees, creating a fundamental accountability gap.
The issuer-pays model misaligns incentives, encouraging optimism bias, delayed downgrades, and rating convergence rather than accuracy.
Examples like the DHFL collapse highlight how ratings influence capital allocation and investor decisions without corresponding liability for CRAs when failures occur.
An oligopolistic market, implicit ratings shopping, and concentrated corporate-political ties (notably during the BJP regime) weaken reputational discipline, shifting risk to retail and public investors.
Recent reforms (revenue diversification, transparency rules, expanded mandates) address symptoms but not root causes.
Core argument: India's CRA regime delivers regulation and procedural compliance, but not substantive accountability. Recurring credit failures stem from structural design flaws—incentives, liability limits, and weak public-interest safeguards—rather than isolated misconduct. Incremental changes fall short; fundamental rethinking is needed.
1.3sFastExecuted code
Once in a Blue Moon Academiaobma
2026-01-17
This statement asserts OBMA’s condemnation of neo-imperialist violence in Iran, Venezuela, and occupied Palestine, framing these crises as interconnected expressions of cannibalistic capitalism. It exposes how state repression, militarization, sanctions, and fossil-fuel geopolitics enable genocide, ecocide, and overall resource plunder. Rejecting reformist quick-fixes, OBMA affirms planetary justice, anti-imperialist solidarity, and life-centred transformation through collective struggle and ecological ethics.
Once in a Blue Moon Academia boosted:
2026-01-15
This article critically examines the persistence of the term “Islamic terrorism” in global discourse, highlighting its paradoxical nature as a contested label that essentializes Islam as inherently violent in a monolithic manner while being reinforced by the explicit religious self-framing of militant groups like ISIS and Al-Qaeda. Drawing on Orientalist epistemologies, post-Cold War geopolitical imaginaries such as Huntington’s “Clash of Civilizations,” and Barthesian myth theory, the analysis reveals how the term functions as a disciplinary tool of power, asymmetrically applied to Muslim-perpetrated violence compared to similar acts by Christian, Hindu, Zionist or other extremists/fundamentalists/terrorists, thereby naturalizing civilizational hierarchies and obscuring historical contexts like colonial legacies, proxy wars, and political economies of jihadism. Incorporating defenses of the term’s empirical utility alongside critiques of bias and oversimplification, the piece argues for a shift toward nuanced framings that recognize militant Islamism as a product of imperial disruption, authoritarianism, and gendered crises rather than religious essence, ultimately advocating for pluralist transformations to combat all forms of fundamentalist violence without hypocrisy.
Once in a Blue Moon Academia boosted:
2026-01-10

One Rupee, Piramal Finance, and the Ruins of DHFL: A Letter to Mr. Ajay Piramal
onceinabluemoon2021.in/2026/01
This is how dispossession is normalized: silence the victims, sanctify the buyer, and ritualize injustice as reform. We refuse compliance.

, , , , , , , , ,

This open letter to Ajay Piramal interrogates the moral dissonance between Piramal Finance’s “Neeyat” advertising campaign, which celebrates honesty through the return of a single rupee, and the lived reality of DHFL depositors whose life savings were erased through a deeply contested insolvency process. By juxtaposing corporate virtue-signalling with the transfer of nearly ₹45,000 crore of DHFL assets for ₹1, the text argues that legality has been deployed to eclipse legitimacy, and branding to obscure accountability. Situating the DHFL resolution within a wider system of crony capitalism, opaque political financing, captured institutions, and manufactured consent, the letter frames the episode as part of a broader legitimation crisis in BJP-ruled India, where ethics are subordinated to power and proximity. At its core, the piece demands that “conscious capitalism” be measured not by advertisements or philanthropy, but by what is returned to those who trusted, funded, and were dispossessed.This open letter to Ajay Piramal interrogates the moral dissonance between Piramal Finance’s “Neeyat” advertising campaign, which celebrates honesty through the return of a single rupee, and the lived reality of DHFL depositors whose life savings were erased through a deeply contested insolvency process. By juxtaposing corporate virtue-signalling with the transfer of nearly ₹45,000 crore of DHFL assets for ₹1, the text argues that legality has been deployed to eclipse legitimacy, and branding to obscure accountability. Situating the DHFL resolution within a wider system of crony capitalism, opaque political financing, captured institutions, and manufactured consent, the letter frames the episode as part of a broader legitimation crisis in BJP-ruled India, where ethics are subordinated to power and proximity. At its core, the piece demands that “conscious capitalism” be measured not by advertisements or philanthropy, but by what is returned to those who trusted, funded, and were dispossessed.This open letter to Ajay Piramal interrogates the moral dissonance between Piramal Finance’s “Neeyat” advertising campaign, which celebrates honesty through the return of a single rupee, and the lived reality of DHFL depositors whose life savings were erased through a deeply contested insolvency process. By juxtaposing corporate virtue-signalling with the transfer of nearly ₹45,000 crore of DHFL assets for ₹1, the text argues that legality has been deployed to eclipse legitimacy, and branding to obscure accountability. Situating the DHFL resolution within a wider system of crony capitalism, opaque political financing, captured institutions, and manufactured consent, the letter frames the episode as part of a broader legitimation crisis in BJP-ruled India, where ethics are subordinated to power and proximity. At its core, the piece demands that “conscious capitalism” be measured not by advertisements or philanthropy, but by what is returned to those who trusted, funded, and were dispossessed.
Once in a Blue Moon Academia boosted:
2026-01-06
Under India’s captured financial regime during BJP–NDA rule (2014–2025), credit rating agencies—dominated by the CRISIL-ICRA-CARE triopoly—have shifted from risk sentinels to enablers of crony expropriation, sustaining a cycle of manufactured trust, retail entrapment, delayed collapse, and oligarchic consolidation. The Piramal Finance–DHFL case is emblematic: despite whistleblowers, Cobrapost exposés, and KPMG audits revealing ₹29,000–34,000 crore in promoter diversion, investment-grade ratings persisted until DHFL’s 2019 default, enabling reckless borrowing. Post-collapse, Piramal—amid allegations of political shielding and elite proximity—acquired DHFL through a controversial IBC resolution that priced ~₹45,000 crore in suspected fraud recoveries at Re 1, while ~2.5 lakh retail depositors suffered 55–77% haircuts and losses exceeding ₹50,000 crore across NBFC failures. Rapidly rehabilitated via reverse-merger alchemy, Piramal Finance secured fresh AA+/Stable ratings in January 2026, lowering funding costs and restoring legitimacy even as governance risks linger. This pattern—issuer-pays conflicts, oligopolistic convergence, and “too-connected-to-fail” pricing—reveals CRAs as architects of performative credibility that privatizes distressed assets and socializes ruin, demanding structural rupture through de-captured ratings, personal liability, and retail-centred justice.


Under India’s captured financial regime during BJP–NDA rule (2014–2025), credit rating agencies—dominated by the CRISIL-ICRA-CARE triopoly—have shifted from risk sentinels to enablers of crony expropriation, sustaining a cycle of manufactured trust, retail entrapment, delayed collapse, and oligarchic consolidation. The Piramal Finance–DHFL case is emblematic: despite whistleblowers, Cobrapost exposés, and KPMG audits revealing ₹29,000–34,000 crore in promoter diversion, investment-grade ratings persisted until DHFL’s 2019 default, enabling reckless borrowing. Post-collapse, Piramal—amid allegations of political shielding and elite proximity—acquired DHFL through a controversial IBC resolution that priced ~₹45,000 crore in suspected fraud recoveries at Re 1, while ~2.5 lakh retail depositors suffered 55–77% haircuts and losses exceeding ₹50,000 crore across NBFC failures. Rapidly rehabilitated via reverse-merger alchemy, Piramal Finance secured fresh AA+/Stable ratings in January 2026, lowering funding costs and restoring legitimacy even as governance risks linger. This pattern—issuer-pays conflicts, oligopolistic convergence, and “too-connected-to-fail” pricing—reveals CRAs as architects of performative credibility that privatizes distressed assets and socializes ruin, demanding structural rupture through de-captured ratings, personal liability, and retail-centred justice.


Under India’s captured financial regime during BJP–NDA rule (2014–2025), credit rating agencies—dominated by the CRISIL-ICRA-CARE triopoly—have shifted from risk sentinels to enablers of crony expropriation, sustaining a cycle of manufactured trust, retail entrapment, delayed collapse, and oligarchic consolidation. The Piramal Finance–DHFL case is emblematic: despite whistleblowers, Cobrapost exposés, and KPMG audits revealing ₹29,000–34,000 crore in promoter diversion, investment-grade ratings persisted until DHFL’s 2019 default, enabling reckless borrowing. Post-collapse, Piramal—amid allegations of political shielding and elite proximity—acquired DHFL through a controversial IBC resolution that priced ~₹45,000 crore in suspected fraud recoveries at Re 1, while ~2.5 lakh retail depositors suffered 55–77% haircuts and losses exceeding ₹50,000 crore across NBFC failures. Rapidly rehabilitated via reverse-merger alchemy, Piramal Finance secured fresh AA+/Stable ratings in January 2026, lowering funding costs and restoring legitimacy even as governance risks linger. This pattern—issuer-pays conflicts, oligopolistic convergence, and “too-connected-to-fail” pricing—reveals CRAs as architects of performative credibility that privatizes distressed assets and socializes ruin, demanding structural rupture through de-captured ratings, personal liability, and retail-centred justice.


Under India’s captured financial regime during BJP–NDA rule (2014–2025), credit rating agencies—dominated by the CRISIL-ICRA-CARE triopoly—have shifted from risk sentinels to enablers of crony expropriation, sustaining a cycle of manufactured trust, retail entrapment, delayed collapse, and oligarchic consolidation. The Piramal Finance–DHFL case is emblematic: despite whistleblowers, Cobrapost exposés, and KPMG audits revealing ₹29,000–34,000 crore in promoter diversion, investment-grade ratings persisted until DHFL’s 2019 default, enabling reckless borrowing. Post-collapse, Piramal—amid allegations of political shielding and elite proximity—acquired DHFL through a controversial IBC resolution that priced ~₹45,000 crore in suspected fraud recoveries at Re 1, while ~2.5 lakh retail depositors suffered 55–77% haircuts and losses exceeding ₹50,000 crore across NBFC failures. Rapidly rehabilitated via reverse-merger alchemy, Piramal Finance secured fresh AA+/Stable ratings in January 2026, lowering funding costs and restoring legitimacy even as governance risks linger. This pattern—issuer-pays conflicts, oligopolistic convergence, and “too-connected-to-fail” pricing—reveals CRAs as architects of performative credibility that privatizes distressed assets and socializes ruin, demanding structural rupture through de-captured ratings, personal liability, and retail-centred justice.
Once in a Blue Moon Academia boosted:
2026-01-06

Piramal Finance and the Rating Ruse: How India’s Credit Rating Agencies Manufacture Trust to Enable Systemic Expropriation
onceinabluemoon2021.in/2026/01
A research-driven critique of credit ratings as instruments of trust manufacture, regulatory capture, and financial extraction—mapped through the DHFL–Piramal finance continuum.
, ,a, , , , ,

Under India’s captured financial regime during BJP–NDA rule (2014–2025), credit rating agencies—dominated by the CRISIL-ICRA-CARE triopoly—have shifted from risk sentinels to enablers of crony expropriation, sustaining a cycle of manufactured trust, retail entrapment, delayed collapse, and oligarchic consolidation. The Piramal Finance–DHFL case is emblematic: despite whistleblowers, Cobrapost exposés, and KPMG audits revealing ₹29,000–34,000 crore in promoter diversion, investment-grade ratings persisted until DHFL’s 2019 default, enabling reckless borrowing. Post-collapse, Piramal—amid allegations of political shielding and elite proximity—acquired DHFL through a controversial IBC resolution that priced ~₹45,000 crore in suspected fraud recoveries at Re 1, while ~2.5 lakh retail depositors suffered 55–77% haircuts and losses exceeding ₹50,000 crore across NBFC failures. Rapidly rehabilitated via reverse-merger alchemy, Piramal Finance secured fresh AA+/Stable ratings in January 2026, lowering funding costs and restoring legitimacy even as governance risks linger. This pattern—issuer-pays conflicts, oligopolistic convergence, and “too-connected-to-fail” pricing—reveals CRAs as architects of performative credibility that privatizes distressed assets and socializes ruin, demanding structural rupture through de-captured ratings, personal liability, and retail-centred justice.
Once in a Blue Moon Academia boosted:
2026-01-06

When AA+ Means “Ask Again”: Manufactured Ratings, Piramal Finance, and the Credit Ratings Trap
onceinabluemoon2021.in/2026/01
Ratings are not neutral. They are political technologies. Manufactured trust enables extraction, impunity, and silence. Accountability is overdue.
, , , , ,, , , , ,

Despite glowing CRISIL AA+/Stable ratings, Piramal Finance’s strength is an illusion built on conflicted issuer-paid ratings, legacy DHFL fraud asymmetries (₹45,000 Cr recoveries valued at Re 1, massive retail haircuts), governance controversies, political proximity, and a backdoor listing that bypassed scrutiny. High ratings enable cheap funding and retail mobilisation—while systematically ignoring forensic risks, related-party issues, and resolution inequities seen in IL&FS, Yes Bank, DHFL. This is systemic: manufactured trust, socialised losses, privatised gains. Ratings are opinions, not guarantees. Demand truth before investing.
Once in a Blue Moon Academia boosted:
2026-01-02

Remembering What “Definitions” Make Us Forget: A Statement on the Aravallis and the Politics of Ecological Erasure
onceinabluemoon2021.in/2025/12

The Ecotopians of Alternity (EOA) within the OBMA Collective argue that the Aravalli legal crisis is a case of deliberate “definitional erasure,” where redefining hills as landforms over 100 meters strips protection from over 90% of the range, including vital ridges, forests, and aquifer zones. This reductionist move renders ecosystems legally invisible to enable mining and real-estate extraction. Drawing on lakṣaṇa, EOA rejects height-based definitions and calls for defending the Aravallis as an indivisible living system against extractivist developmental rationality.

Client Info

Server: https://mastodon.social
Version: 2025.07
Repository: https://github.com/cyevgeniy/lmst