Wednesday, January 24, 2018

DSK Scam: D S Kulkarni continues to fool everybody with blatant lies .. .

With his dirty  tricks, exaggerated facts and blatant lies DSK and  his wife always fooled FD holders, flat buyers and investors. 

They never put plain facts before anybody.

Not even before the courts!

Image courtsey Mumbai Live

Everybody was surprised when hearing on D S kulkarni and his wife’s anticipatory bail application (ABA) was adjourned and interim protection was extended for three days on 22nd  January 2017.

At every hearing of DSK’s bail application in HC there was always some surprising element.

22nd January’s hearing was also not an exception to that!

This time Bombay High Court (HC) granted another three day DSK to escape arrest after they told that about Rs 51 crore is scheduled to come from abroad.

They also claimed that money has been deposited on 17th January in bank in Singapore and it requires 72 hours to credit it in their accounts.

To prove their claim they also submitted two documents in HC. 

Sources confirmed that one document was showing successful transaction of 40 lac US dollars was made on 17th January through Telegraphic transfer from a bank in Singapore.

Another document was showing two successful transactions of 40 lac US dollars each made on 20th January.

Surprisingly the company Prabhune International Pte Ltd ( PIPL)that is said to be sending money to DSK digital technologies pvt ltd is facing closure in Singapore. 

PIPL is registered with Singapore's Accounting and Corporate Regulatory Authority (ACRA). It was set up on 28 February 2013 as local company .

However, according to a First Gazette Notification issued on 8 January 2018 by ACRA, the company is scheduled to be struck off from the Registrar of Companies. 

Striking off is one of the ways of closing down a local company in Singapore. 

There are certain conditions to strike of companies in Singapore.

The company must have stopped business activities or not have commenced activities from the date of incorporation.

Company should not have current or contingent assets or liabilities

Finalised accounts drawn up till the date of cessation must be attached to an application to the ACRA to strike the company’s name from the Register of Companies.

If PIPL is closing down its business, then how can it send 80 lac dollars (51 Crore rupees) to DSK in India?

And how much money is PIPL to DSK Digital  80 lac dollars or 1.20 crore dollars?

Because both documents show three transactions of 40 lac each ?

Any sources confirm that none of the money was received by bank in India till 23rd January .

And if at all PIPL is sending money why didn’t DSK inform it to court on hearing that was on 18th January? When first transaction was shown on 17th . 

Answer is simple when it was agreed that extension given by apex court will end on 22nd January . There was no point in wasting another option left. 

So DSK kept that option open for next hearing and used it on 22nd january.

DSK’s surpises do not end here. 


DSK and his wife’s ABA were rejected by Pune special MPID court on 9th November 2017.
Then they filed ABA in Bombay High Court (HC). 

At first hearing on 17th November in HC they were given interim protection from arrest because Investigating Officer had not reached in time and Public Prosecutor had requested for time to take instructions and peruse the record. 

Confident (?)  of repaying investors’ money DSK addressed a press conference on 21st November and said that they will submit a detailed report of repayment in the court on 23rd November .

Many people always term DSK’s lies as his confidence.

Then on 23rd November hearing was adjourned at the request of learned Senior Counsel for DSK and he was asked to furnish a plan or scheme to repay FD holders money.

On 30 November DSK submitted a list of six properties for sale to the IO and brought the same to the notice of the court. 

However these properties are mortgaged with banks and later on two of these properties were seized and auction procedure was initiated by banks.

Then HC asked DSK to file an affidavit by 4th December  with an undertaking to deposit 25% ( Around 50 Crore) of the depositors' dues with the court's registry in two weeks.

HC also warned DSK failure of compliance will automatically lead to the vacation of the interim protection granted to them and he will have to surrender immediately in front of the investigating officer.

Accordingly on 4th December DSK filed an affidavit in HC and committed to deposited 50 crore rupees within two weeks.

And hearing was postponed till 19th December.

However DSK didn’t deposit 50 crore rupees in court nor did he surrender. 

On 19th December due to paucity of time the matter was adjourned but HC clarified that the Economic Offences Wing (EOW) is free to initiate action against DSK and his wife.

Due to Christmas vacation matter in HC was postponed till 18th January 2018

Meanwhile DSK remained untreatable and filed special leave petition in Supreme Court.

On 22nd December Supreme Court (SC) extended time given to DSK to deposit 50 crores by 4 weeks.

However Supreme Court had also made it clear that no further extension will be granted.

However there was some surprising confusion on counting four weeks from Supreme Court order on extension.

According to cause list of HC dated 18th time is extended as per Supreme Court's order dated 22.12.2017 was up to 19.1.2018.

However in HC order on 18th January says that ‘On 22.12.2017, the Hon'ble Apex Court had extended the time for depositing the amount by four weeks. That would be till 22.1.2018.” 

HC also mentioned in its order on 18th January that “This Court had extended the interim relief. However, it was made clear that if the applicants fail to deposit the said amount within the stipulated period, the interim relief granted vide order dated 10.11.2017 would automatically stand vacated. Since it was a self-speaking order, the interim relief was deemed to be vacated in view of the fact that the amount of Rs.50 crores was not deposited within the stipulated time.”

 As it was holiday on 20th and   21st January 2018 matter was postponed to 22nd January.

Now everybody is waiting for 50 crore rupees that are supposed to be deposited in DSK’s account.

Now what will be the scenario on 25th January.

Chances of PIPL depositing money in DSK Digital’s account are remote.

However, Even if that money is deposited it will be under Enforcement Directorates and Income Tax departments’ scanner.

Income tax has already sent notices to all the government authorities for recovery of 20 crore rupees TDS that DSKDL has deducted and not deposited with it.

Hence it will not be easy for DSK to deposit 50  crores on 25th January. 

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