Thursday, November 23, 2017

Is DSK sociopathic liar ?

DSK is a liar.

He doesn’t shy away from lying anywhere. Clients and media are his soft targets but he doesn’t hesitate to lie in courts also.

But is he sociopathic liar?

Sociopathic liars are pathological liars. They lie to gain something. Worse yet, their lying is usually calculated and cunning.

A sociopath doesn’t care who their lies affect, as long as in the end the lie fits their purpose and they get what they want.

Pathological liars know the difference between right and wrong, and they consciously recognize that lying is wrong.

Unfortunately, they don’t really care. In fact, they are so good at lying, many times they become their own lie.

Let us see some examples related to DSK.

image courtsey datingasociopath.com

As admitted by DSK only media is his weak point.

DSK and his wife’s anticipatory bail are pending in Bombay high court and next hearing is on 23rd November.

High court has given both reliefs from arrest under certain condition that they shall not tamper with the evidence and/or pressurize or threaten the prosecution witnesses.

Even then they not only hold press conference, they made misleading statement about their assets and liabilities and also appealed investors.

Addressing a press conference, DSK  said the total assets of the firm stood at Rs 9,000 crore whereas the dues including the fixed-deposit (FD) returns are "merely" Rs 1500 crore.

He revealed that a foreign investor has shown willingness to form a joint venture with the firm in the ambitious DSK Dream City Project, worth Rs 13,000 crore.

Aren’t these statements a part of tactics to pressurize or threaten investors and contempt of court?

DSK also shared video of his press conference on social media.

DSK never shy away from making misleading statement in court.

In an application filed in Pune court they stated that things were perfect for the DSK Group till 2008, when the Lehman Brothers declared bankruptcy and European markets crashed. Just before the two developments, the couple stated that they had tied up with an Israel based GCC Ltd for developing a special economic zone (SEZ) spread over 300 acres.

However this was completely untrue.

Actually DSK had got in-principal approval for SEZ in June 2007 however in was never totally approved.

In fact in 38th meeting of the SEZ Board of Approval DSK’s SEZ proposal was rejected on 11th February 2010.

The proposal of SEZ was rejected because during inspection a number of issues arose such as the contiguity of the SEZ had been broken, presence of an irrigation canal.

Then in April 2010 SEZ proposal was withdrawn by DSK .

However while talking to press DSK had said that new norms of the SEZ were not conducive to the company and hence they withdrawn.

It is another thing that DSK had purchased all lands claiming for SEZ / Township purpose.


Then in 2012 they obtained approval for Special Township.

Thereafter DSK launched Dream City, raised FDs for it, obtained construction loan, accepted flat bookings.

Lehman Brothers declared bankruptcy and European markets crashed in September 2008, then how come these two factors did affect dream city project?

DSK’s press conference (PC) was also full of lies.

Only positive outcome of this PC was kin took on DSK.

In PC DSK referred to several internal documents of the group that were uploaded on blogs that he believed led to panic among investors.

When media asked him about answering the issues rose on this blog he said Vijay Kumbhar didn’t pick the documents from our drawer all the documents are in public domain.

However immediately after this DSK said that my brothe’s  son-in-law, Kedar Vanjpe is responsible for  all this mess. He used to work as the executive director in the company. We bought the land on his wife’s name, who is my niece. He was disturbed since my son (Shirish) joined the company and he provided information to Vijay Kumbhar.

As soon as word got out that DSK was accusing Vanjpe of sabotage vanjpe demanded a public apology from DSK, stating that he will initiate legal action if DSK fails to do so.

Immediately after Vanjpe’s challenge DSK’s son in law Sanjay Deshpande slapped some question to DSK.

1. DSK sir have you asked Kedar Vanjape  and  has he  allowed you to buy dream city land on name of his wife ? Or even your other relatives?

2. Does Kedar Vanjpe told various banks of financial institutes to publish acquisition notices to your group companies which has been failed to repay huge loan amounts? Every day newspapers are carrying it.

3. Does Kedar Vanjpe controls all IGR  or SEBI  web site as you say Kedar  gave all documents to Mr.Kumbhar while Kumbhar’s blog says all documents he has  got from web sites of government institutes?

4. Does your current financial problems are due to Kedar Vanjape?

5. You said Kedar Vanjpe left DSK  group because of  your son but Mr.Shirish joined DSK  group in 2010 while Kedar left in 2008.

6. Do you mean Kedar Vanjpe is the cause for closing down your toyota dealership?  Your sites are dead since last 2 years; huge loans/ FD have been taken on the companies which have no projects on them, your sharing of commissions in crores of rupees in your family under name of flat selling n such services & all these decisions r by Kedar Vanjpe?

 7. You said in press conference you  don’t use investors or brokers money but but share  profits with FD  holders then is it Kedar who gave brokerage documents on name of Hemanti  Phadke and her partnership companies   by DSKDL  which are signed by Hemanti Kulkarni who is director of public limited & is it Kedar Vanjpe who exposed both are same person only?

 8. is it Kedar Vanjpe and not your  CA  who wrote to SEBI  that your company is doing bad business and in no position to repay the debenture money?

Sanjay Deshpande further advised DSK that instead blaming some Vanjpe , Kumbhar or Karandikar for your failures or even  our PM  Modi for demonetization and  bad state of real estate, accept that you are a bad businessman & you fooled  many till now under your image of DSK and when that mask is torn and your true face is exposed you are  blaming others for showing  your reality!! instead of doing such drama  tell people your actual loans as well real condition of your assets and be ready for the punishment of your sins, like a real man which off-course you are not!!

Sanjay Deshpande and Kedar Vanjpe almost confirmed all the allegation of money siphoning, forged signs, shell companies , murky deals made in my earlier post “ DSKDL a public limited company or criminal enterprise ?”

It is not the case that DSK cheated only relatives. He didn’t spare anybody including Government agencies, his customers, suppliers’  and banks also .

He always discovered new Ideas of lying and cheating.

Recently an advertisement was published in newspaper by Aditya Birla Finance Company ( ABFL)

The advertisement claimed that some flats in Meghmalhar  scheme at Dhayari were mortgaged to the company by DSK . However company found that DSK was trying to sell those flats. Company also warned any transaction towards thos flats would be illegal.

In April 2016 DSK mortgaged 30 unsold flats and 52 car parkings of Q wing of  DSK Vishva Meghmalhar  scheme  to ABFL for 14.92 crores . The flat numbers were 101,102,104,201,202,302, 501, 502, 503,504,601,602,603, 604, 701,702,703, 704 801,802,804, 9 01, 9 02, 9 03, 9 04,1003,1004 ,1104, 1203,1204.

Even though  DSK  knew that flats were already mortgaged he sold almost 18 flats to the buyers.

In April 2016 DSK mortgaged 30 unsold flats and 52 car parkings 

That was  not all.

Perhaps due to non-repayment of the loan or for some other reason in June 2017 for more security ABFL asked three more flats as mortgage.

Surprisingly, despite knowing that many of them have sold them to others, DSK has mortgaged three more flats  along with the earlier ones.

despite knowing that many of them have sold them to others, 

See another form of lying

The construction of DSK’s Gold leaf project at Baner is at standstill since November 2015 ,.

DSK mortgaged flat at 6th floor of this building for 3.42. crores

Earlier in June 2016, Deepak Sakharam Kulkarni alias DSK bought a 3220 square foot flat DKDL company in June 2016 for a price of Rs. 14186 per sq ft at a price of 4,56,80000 rupees (4 crore rupees eighty thousand rupees) from own company.

Actually market or ready reckoner rate at this place is not more 6000 / per sq ft

flat for a price of Rs. 14186 per sq ft at a price of 4,56,80000 rupees

However later in September 2016 DSK sold 1954 square feet flat at the rate of Rs 7272 per square feet to other buyers. Before June 2016 rates were same or less than this.

For others rate was 7272 rs per sq ft 

Then why would have DSK bought flat at the rate of twice the prevailing rate?

The reason was simple. DSK didn’t want flat , he wanted money.

That’s why immediately after seven days he mortgaged this flat to syndicate bank for 3.42 crore
rupees and bank too disbursed the loan without taking into consideration prevailing market or ready reckoner rates.

Flat was mortgaged at for 3.42 crore

Only DSK can do the bargain for non-existent items.

DSK has already conveyed large part of DSK Vishwa to the Nyaty Builders.

Now more parts of the DSK Vishwa  have also been given to the Sakala Builders.

DSK has Conveyed 65,000 square feet of 54,000 sq ft and 11340 sq ft space to the Sakala Builders by the two transactions

And you know when did this transactions happen?

On the same day when FIR was lodged against  DSK under MPID act i.e on 28th October 2017.

While the case was being registered at Shivaji nagar Police station same time at the same time documents were lodged for registration and later on signed on 29th  and 31st  October.

Now what would you say ?

Related Stories

For More on DSKDL scam read Marathi blogs here

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Thursday, November 16, 2017

DSK is proud of his Sins but investors are in hell

DSK is proud of his Sins but investors are in hell .

Yes , that’s true !

DSK’s downfall began when they started diverting investor’s funds from their original business of real estate to other business. That was their first sin.

Then they started envying their original business of real estate and diversified (?) to other businesses.

However all of these businesses were milked by DSKDL only.

One of the DSK group companies’ is Talisman Hospitality services pvt. Ltd ( THSPL)

THSPL runs a restaurant cum night club called ‘Sin Envy Pride’ .It opens late in the evening.

Programs like Misbehave Wednesday, Thrifty Thursday, sinful Saturday, sinset Sunday are organised here. Many times free liquor is offered to Ladies.

This restaurant entity is very small compared to other DSK businesses.  However Reason behind writing this in detail is, like other business funds from DSKDL funds were also diverted to this restaurant.

DSKDL has signed an agreement with this restaurant for availing  restaurant/ hotel/ hospitality/ conference room services at the normal terms as offered to the independent customers up to an aggregate amount not exceeding  25 lac  rupees.

What would have the ordered from this restaurant which opens at 8 P.M

Though 25  lac rupees is very small amount but this is how DSKDL’s  crores of  were diverted to DSK Family’s private limited companies and partnership firms.

Here are some more examples of money siphoning

DSK Motors Pvt. Ltd –

1.            For Purchasing cars at prices at prevailing market rates at the value not exceeding `1 cr.

2.            For Availing spares and servicing facility for all the motor vehicles of Toyota make at the card rates offered by DSK Toyota at the value not exceeding 50 lacs.

D. S. Kulkarni & Company –

1.            For Sale of flats on c o m m i s s i o n calculated at the rate of 3% of the total costing of the project, total commission not exceeding  46,29,240/  (DSK Sadaphuli )

2.            For Sale of flats on c o m m i s s i o n calculated at the rate of 3% of the total costing of the project, total commission not exceeding  `1,68,63,860/- (DSK Chaitraban)

D. S. Kulkarni & Associates

1.            For Sale of flats on c o m m i s s i o n calculated at the rate of 3% of the total costing of the project,total commission not exceeding 1,68,90,380/- (DSK Pushpaban)

DSK Global Education and Research Ltd.

1.            For Sale of flats on c o m m i s s i o n calculated at the rate of 3% of the total costing of the project,total commission not exceeding ` 1,74,86,670/- (DSK Anandghan)
DSK Global Education and Research Ltd

1.            For Availing cafeteria facility for an amount of ` 100/- per day, per head at the normal terms offered by the said DSK Global and on an arm’s length basis at prevailing market prices, for an aggregate amount not exceeding ` 40,00,000/- ( DSK Dream City)

DSK Worldman Projects –

1.      1.  for Sale of flats on commission  calculated at the rate of 3% of the total costing of the project, total commission not exceeding  47,83,485/-

You will find entire list of money siphoning in  the year of 2015 -2016 here

Interestingly company having in business of real estate does its own office . It has taken premises for offices on rent from D S Kulkarni & Associates, D S Kulkarni & Company and Hemanti Kulkarni etc.

And off course heavy rent is being paid as rental amount to these entities

Since DSk scam has been exposed there is flood of rumors and misleading statements on social media.

Now the scam has taken interesting but dangerous turn. There are hardly any chances that investors wiil get all their money back.

However DSK well-wishers and supporters are turning blind eye on naked facts.

It has been now crystal clear that DSK’s liabilities are far more than his assets .

DSK’s liabilities are around 6,000 Crore rupees   ( six thousand crores) while his assets are not more than 1,000 Crore ( One thousand crore  Rupees)

Secured charges of all the banks on DSK and their Private limited Companies are around 2992.84 Crore ( Two Thousand nine hundred and ninety two crores rupees) .

This is not exaggerated figure this information is available on website ministry of corporate affairs .

Apart from that DSKs partnership firms must be having loans and liabilities, but that info is not available.

DSK’s partnership firms include DSK & Co, Amit & Company, Gharkul, Rasa Group, D.S. Kulkarni & Brothers,  D.S. Kulkarni and Sons, DSK & Sons, D.S. Kulkarni & Company, D.S. Kulkarni & Associates, DSK & Associates, DSK Sales & Services

Besides that fixed deposits from public estimated at around Rs1,000 crore, unsecured loans of Rs1,100 crore, non-convertible debentures (NCDs) of Rs140 crore, statutory liabilities of Rs100 crore, money received from customers Rs815 crore.

This total goes to more than 6,000 crores ( six thousand crore rupees)

DSK’s assets are not more than  1000 Crore rupees. 

However for sake of argument if we agree with DSK supports that his assets are worth 1800 crore rupees even than that is not sufficient to clear bank loans . 

Then Forget about returning investors money.

Instead of facing truth they are busy in spreading rumors and misleading other investors.

On last hearing on D S Kulkarni’s anticipatory bail in high court APP has categorically submitted that the Investigating Officer has just now arrived in the Court and he has to take instructions and peruse the record. And at his request case was adjourned till 17 November .

Till then interim relief was granted to DSK   and condition was imposed on him that he shall not tamper with the evidence and/or pressurize or threaten the prosecution witnesses.

However immediately after hearing news appeared on social media as if court itself asked DSK to come with concrete proposal.

What could be the reason behind spreading such news ?

One thing is clear for DSK legal option of getting rid of this situation have become narrower , hence he is finding emotional option.

Immediately after HC hearing DSK supporters became active they started signature campaign to support him. Started calling people to convince them.

Even DSK also became active on social media appealing investors.

However these things are not going to work for DSK.

Whether he gets or not anticipatory or regular bail is not going to affect case, it will continue.

Another funny thing is , the DSKDL’s board meeting scheduled on 14th November for the quarter ended 30 September 2017 and Annual General Meeting for FY2016-17was postponed indefinitely .
The reason given for postponement was interesting , It said ““A complaint has been lodged by the deposit holder with the EOW of Maharashtra Police in connection with non-refund of deposit by two promoter group entities. The promoter group entities are not this listed company. In the process of investigation, the EOW has taken into custody, the accounting, secretarial and other records, both physical as well as electronically maintained, of the group entities including this company. The appeal for release of records by EOW is been made and is in process of preparation.

FIR was filed against DSK on 28th October .

The police searched DSKDL properties on 2nd  November.

Even then in pune special court submitted proposal to return invertors money in High Court also he is ready to submit proposal.

On both these occasions DSK didn’t find any difficulty in submitting proposal despite record seizures.

But for Board and AGM meeting he finds difficulty.

Reason is obvious!

If they conduct AGM then audit report will have to be submitted and if last years audit report is out Pandora’s box will open, because auditors have already clarified that they were not satisfied with the accounts submitted by DSKDL and also put question mark on companies’ ability to continue business.

Now its up to DSK's investors to open eyes ot to keep faith on rumors.

Already more than 3000 complaints ave been filed against DSKs in all over Maharashtra.

Government of Maharashtra has also decided to appoint a single monitoring agency to look in into progress of the probe and to rope in multiple agencies like RBI , SEBI , RoC. 

One thing is for sure as money involved in DSK scam is huge !

However that money has not been vanished in air.

It must be somewhere 

And only way to find out that money is Maharashtra Protection Of Interest Of Depositors Act (mpid) Act !

Related Stories

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Wednesday, August 9, 2017

DSKDL public Limited Company or Criminal Enterprise?

Do you remember a song ‘Aisa Koi Saga Nahi, Jisko Thaga Nahi’ from hindi movie  ‘Bunty Aur Babli’ starred by Amitabh, Abhishek bacchan  and Rani Mukharjee ?

Adopting the names of 'Bunty' and 'Babli', , Abhishek  and Rani successfully pull off con after con, looting people dressed as local guides, religious priests, health inspectors, business partners, etc.

The reason behind remembering Bunty and Babli was, after my last post lot of people called, some emailed and some met personally and shared their experiences with me about D.S Kulkarni ( DSK) and his so called empire.

DSK officially formed D.S.Kulkarni developers limited ( DSKDL) in 1991. However what was not there in DSKDL?

There were forged signatures, murky deals, shell firms, money siphoning, duel identities, conspiracy and everything that needed to con investors, banks and government authorities.

 Only the thing that was not there was professional attitude!

Then how did DSKDL survived so many years?

The Reason is simple.

DSK is best actor, has fantastic oratory skills and ability to manage everybody with power of money.
On this capital he built good image in the society.

The relatives and staff who realised consequences of association with DSKDL left it immediately. Others either became party to his actions or remained mute spectators

DSKDL’s activities may be divided in two parts pre and post 2006 ie. Pre public issue

Pre public issue and after becoming public limited company they formed lot of private limited companies and partnership firms.

Money Siphoning

These companies were mostly dominated by Hemanti  Nilakanth Phadke ( HNP) and her two sisters, Anuradha Purandare and Vaijayanti Mudgal .

They managed to siphon of DSKDL’s crores of rupees to these firms successfully.

In may last post we saw how they DSKDL paid crores of rupees to D.S.K and company for mere consent for land deals.

Another way of direct money siphoning was, they use to purchase land in the name of DSK’s relatives and later on DSKDL would purchase it from him/her.

And then they use to withdraw amount paid to that relative by DSKDL

However that didn’t come to light because DSK successfully managed to reshuffle the funds and due to DSK’s image funds were literally pouring in DSKDL.

Shell Companies

Then they started taking Fixed Deposits (FD) for the companies that were not allowed to take FDs by Reserve Bank Of India (RBI) .

These companies were DSK and Sons, D.S.kulkarni and brothers,  D.S.Kulkarni and associates , DSK  Enterprises, DSK & Asso, DSK constructions, etc. 

Investors and FD holders were not even aware that they were investing in the companies who have no business in reality and exist only on paper. These all were partnership firms.

The success in money siphoning business led them to go for public Issue.

Misleading Information + Dual Identities

Hemanti Nilkanth Phadke changed her name to Hemanti Deepak Kulkarni in 1989

The information provided in offer brochure of public issue itself raises doubts about very intentions of the promoters.

Along with DSK his then wife Jyoti Kulkarni and Hemanti Phadke  were promoters of public issue.
However they didnt mention that HNP and Hemanti Deepak Kulkarni were the same person.

And in same document in financial information of the group companies, HDK’s name appears as a partner in partnership firms Amit & company and Gharkul .HNP’s name appears in many other companies.

What was the intention behind showing same persons different identities in offer document?

HNP was an employee in DSk’s firm. She changed her name from Hemanti Nilkanth Phadke (HNP) to Hemanti Deepak Kulkarni (HDK) in 1989. DSKDL was incorporated in 1991.

However she kept her both the identities alive in transactions of DSKDL .She was holding shares in both the names. The reason behind that only her or DSK can tell.

Forged Signatures

In 2001 Hemanti Phadke and Sanjay Deshpande signed on this share

In DSKDL forging signatures was not a serious affair. 

The share certificate issued in 2001 is signe by Sanjay Deshpande ( DSK’s son in law)   as authorized signatory.
when the same share certificate was reissued for some reason,  once again Sanjay Deshpande’s signature appears there.

However Sanjay Deshpande had left DSKDL in 2004.

Then who forged his signatures?

Nobody other than autorised signatories of DSKDL could forge Sanjay Deshpande”s signatures because they were the only other signatories on the share certificate and they were aware that Deshpande was not in the company during that period.

In my earlier post on DSKDL Sanjay Deshpande has commented that “Vijay Da, I read ur blog link, left DSK in 2004 & sure hasn’t signed anything after 2006!”

On same share certificate in 2001 HDK alias HNP has singed as Hemanti Phadke while in 2012 she has signed as Hemanti Kulkarni.

She was a minority share holder as Hemanti Phadke and Hemanti kulkarni as authorised signatory of DSKDL at the same time. 

In 2012 hemanti signed as kulkarni and sanjay deshpande signe is ther when he had left DSKDL in 2004

Conflict of Interest

DSK has formed dozens of personal companies as other than DSKDL just for the purpose of taking Fixed Deposits!

These companies don't have any business activity going on other than raising FDs! 

All these companies are in the same competing business and all the transactions are done by the same woman (HNP/HDK)  in all these companies. 

Basically she controls all the finances of all these companies.

Manipulation of Funds

In a video and interview to ABP mazha DSK claims that unlike other builders he prefers to take FD holders as partners instead of using other means of finances.

 But looking at the company's finances and after communicating with financial institutions and customers, it appears that more than 1000 crores of rupees were disbursed to DSK through these Chanel  for project construction activities.

However not even 10 % of the disbursed amount was used for actual construction purpose because his entire project work is stalled for many months.

If that money was not used for construction then it was certainly not used for repayment of FD holders because they are still fighting for their even thousand rupees every day.

And crores of rupees of payment of contractors and suppliers is still due with the company! Then the question remains is where did that money go?

Even the customers are complaining that more than 80% of their housing loan amount is disbursed without their consent but there is no work going on at the sites and not even 10% work is done at sites and the possession of their apartments are delayed by years! 

Flat buyers will have to keep a close watch on the committed dates of possession of the RERA registered projects of DSK!


More important question is when there was not even 10% work in progress on ground then how come financial institutes disbursed 80 % of the loan amount to DSKDL? 

That indicates that these financial companies were also had hand in glove with DSKDL.

It's a big surprise that how they were able to service the interest of the investors earlier because there is no source of income to these companies other than Fixed Deposits! 

There is no permission from RBI or SEBI to raise Fixed Deposits and the investors are not even made aware of it!

The FD holders of his public limited company have little bit guarantee to get some of the invested money back but what about the personal companies where there no security to the investors of getting back even a single rupee or their invested amount.

Murky Deals

Here is another manipulation by DSKDL family with a big Loss to the Shareholders and Public Authorities!

There was a company known as Oyster Promoters & Developers Pvt Ltd, owned by HNP and  Ashwani D. Kulkarni .

Oyster Company was created by Kulkarni Family to take advantage of DSKDL at a loss for shareholders. 

This  company owned some defence and forest reservation land and was a loss making company.

Yet DSK went ahead and merged this loss making Oyster whose land was worth not more than some lac rupees was merged  to DSKDL by issuing 38 lac shares of DSKDL worth more than 40 crores at that time.

Interestingly as per 2006 offer document HNP has 98 %  in Oyster Company and Ashwini Kulkarni and Talekar have 1 % each.

However when Oyster merged with the DSKDL 15.2 Lac shares worth more than 20 crores were transferred to HNK and her son Shirish Kulkarni.

One can observe the manipulated Shareholding Pattern of 38 lac shares and how those landed in the hands of DSKDL Family Members.

HDK who was a minor shareholder earlier in DSKDL grown richer by 15.2 lac shares from Oyster merger and also another 8,18,307 shares she claims to have received as a gift from unnamed entity as shown on NCD prospectus 2014 .

Dubious Share Transfers 

Another surprising & questionable shareholding of approximately 15 lac DSKDL shares is by Shirish Deepak Kulkarni. 

Question is when HNP was partner in Oyster what shares were transferred to HDK and when Shirish was not remotely concerned with oyster then why 15.2 lac shares were transferred to him.?

Loss To Company,  profit to Family

There is an institute known as DSK Global, Pune, earlier owned by Family members of DSKDL. 

When the institute started showing losses, DSKDL made it a subsidiary of DSKDL thus passing the family loss to shareholders.

And now DSKDL has given bank guaranty of 100 crores for loan obtained by DSK Global.

The DSKDL annual report of 2016 itself they admit that they have sold off almost all their land bank at Dhayari, Kirkatwadi and Balewadi and today other than Fursungi, they don’t have any other land remaining but they are claiming to have huge land bank worth 10000 crores!

Another shocking thing is First they siphoned off 165 crores to D S kulkarni and company from fursungi land and now committing 300 crore rupees against 5,00,000 sq ft of DSKDL's own dream city project!

So whatever money DSKDL is supposed to earn has already been planned to divert to HDK and her Shirish through D.S. kulkarni and company.

Interestingly DSKDL has indemnified  all these companies from any losses or damages putting all the liabilities on DSKDL

Employees crying foul

Since last few months DSKDL’s staffs is crying foul.

Few months’ back staff strength was close to 1500 now has been reduced to 40 only.

Since last many months they have not been paid any salaries to employees.

Not even d their TDS returns has not been cleared by DSKDL

Why DSK family is doing all this?

The reason and outcome of DSKDL family actionss reflect in share holding pattern of DSKDL.

HNP/HDK  is now major shareholder after DSK and if we count Shirish Kulkarni’s shares then total is more than DSK’s shares.

Along with her sisters by siphoning off money from DSKDL , they have grown richer by crores of rupees.

And DSK himself wanted to be like Hiranandani.

In email to after my last post on DSKDL one ex. employee wrote to me ‘Twice I asked him (DSK)  before joining that Why You want to hire me ? As per current records you have 95% Maharashtra’s whereas I am Sindhi. He proudly told me, I have noticed How Hiranandani, Rahejas progressing in Mumbai. Now I don’t want any "Marathi speaking person" I chose U out of 70 candidates who came to my office and sat/waited 4 hours for interview “

He was briefly in DSKDL for 4 months?.

Investors, Banks, Depositors, flat buyers, suppliers, employees everybody is crying for their money. Then Mr.DSK where did all that money go?.

Land cruiser, flat in trump tower business class air tickets for family and so on, the list is very big. DSK and his family member are enjoying lavish life style at the cost of these peoples’ money.

No Mr. DSK it is not your family matter. All that money you are enjoying belongs to public.

And you have to return it to them!

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Thursday, August 3, 2017

Is DSK exploiting Investors, FD holders and flat buyers ?

While DSK Shivajians players had threatened hunger strike for their salaries, investors - F D Holders - of this group (?) companies have knocked Primes Minister Narendra Modi’s door to get their money back.

Unless Government intervene there are hardly any chances that investors will get their money back.  The reason behind fall of the company is not the market situation. It was the intention of the D.S kulkarni (DSK) and some of his family members that sank the ship.

Since beginning DSK and his family members siphoned of hundreds of crores  rupees to their private firms or individual accounts.

The documents reproduced in this post are available in public domain and I have studied those.

Recently DSK openly admitted that he used DSK Toyota’s funds to refund Fix Depositors (FD) money, and that led to sick that unit. However that didn’t stop DSK and  his family’s lavish lifestyle. In December 2016 DSK’s son Shirish kulkarni moved to Trump Towers to accompany Bollywood actors.

He has taken on lease 6074 sq ft flat with three covered parking’s. Lease is for five years and per month rent is 400,000/ ( Four lac rupees ) .And off course  if one moves in such a lavish property it needs crores of rupees for furniture.

And wait! That money is not spent by DSK or shirish kulkarni from their pocket. They have used DSK Motors Pvt Lts’ money of which DSK, Shirish, Tanvi and Amit Kulkarni are partners.

Meanwhile here DSK Toyota’s Bavdhan unit has been sold to Nanawati of Surat, Nagar to Wasan. Rest of the dealership have no buyers. And now Toyota has cancelled all the DSK dealerships with immediate effect

Lease Deed of DSK Motors Pvt ltd signed by Shirish kulkarni

Before going further we need to understand some facts.

D.S. Kulkarni Developers Ltd. (DSKDL) is a public limited company.  DSK Group of Companies has various registered private companies and partnership firms operating under different names e.g.D.S. Kulkarni and company, DSK Associates, DSK Sons, DSK Developers, DSK Toyota etc. 

Hemanti Deepak Kulkarni is DSK’s second wife .  Anuradha Purandare and Vaijayanti Mudgal are sisters of Hemanti Deepak Kulkarni. Shilpa Makrand Kulkarni and Swarupa Makrand kulkarni and Sae Kedar Vanjape are  daughters of DSK's brothers. 

Ashwini Sanjay Deshpande is daughter of DSK through his first wife Jyoti. Shirish Deepak Kulkarni is  son of DSK through Hemanti Deepak Kulkarni. Hemanti Deepak Kulkarni and Hemanti Nilkanth Phadke are the same person. 

Why she has kept the both identities alive and why on the record Shirish Kulkarni is shown as Jyoti’s son ? - we will discuss it later.

In DSKDL’s shareholding pattern Hemanti Kulkarni and Hemanti Phadke shares are shown in both names.Normally we don’t discuss family matters publicly but when it comes to public

money we need to discuss it also.

It is said that around the year 2007, DSKDL started developing a Special Economic Zone (SEZ) but lateron but converted the same to a  181 acre township at Fursungi, Pune (now known as Dream City). But that is not true, If we go through the sale deeds it was clearly mentioned that they were purchasing land for SEZ ? Special township. DSKDL merely used SEZ permission for stamp duty exemption.Though township project proposed at fursungi was of 181 acres. DSKDL purchased around 220 acres of land.

The entire land has been purchased by DSK group companies and the family members and related persons with conflicting interests and then sold to DSKDL at a very inflated price causing great losses to the shareholders.

This list shows how money was given to D.S Kularany and company for mere consent.And this is not complete list of transactions .There are several other such transactions

On behalf of a partnership firm called D.S.Kulkarni & Company ( not DSKDL) someone would sign a visar pavti with a landowner. 

And then after three to six - months DSKDL would purchase the same from landowner and D.S.Kulkarni & Company would remain consenting party.

Interestingly DSKDL would pay landowner at the rate of 55 lac/acre and 75 lac/ per acre to consenting party i.e. D.S.Kulkarni &  Company.Thus the land was worth 55 lac per acre would cost DSKDL 1.30 crore per acre.
For example if we look at a Sale Deed no 2843 of 2007. In this case Vaijayanti Mudgal on behalf of partnership firm D.S.Kulkarni & Company signed a visar pavati with landowner at the rate of 55 lac per acre and paid advance of rupees 19.45000 rupees. Total land cost decided was ( Five crore thirty four thousand five hundred )

Within six months DSKDL purchased this land from landowner and D.S.Kulkarni &  Company remained as consenting party. DSKDL paid entire amount payable to landowner i.e ( five crore fifteen lac forty two thousand five hundred ). And     ( Seven crore twenty nine lac thirty seven thousand five hundred)  were paid to D.S.Kulkarni and Company.Thus by spending only 19.45 lac D.S.Kulkarni & Company got 7.2 crore rupees within six months.

Another way of direct purchase of land was from relatives. 

Another way of direct purchase of land was from relatives.

For Example Hemanti Deepak Kulkarni purchased two plots at fursungi wide Sale Deed 6688 and 8050 in September and November 2007 at the cost of approximately 50 lac. 

And sold it to DSKDL at ( One crore twelve lac twelve thousand 500 ) within six months of purchase. 

Thus giving straight away about 72 lac rupees  to Hemanti Kulkarni.

Interestingly Ready Reckoner Rate shown when she purchased the plots in 2007 was 30 lac rupees and when she sold it to DSKDL it was shown 12.00.600 (Twelve lac six hundred).

It is very much evident that hundreds of crores of rupees have been siphoned off by inflating prices of land and keeping the difference within the family.  All sales &  purchases have been done with Full Knowledge, Conspiracy, Interest and Blessings of DSK for personal and family benefit. In  DSKDL’s dream city project at fusungi only D.S.Kulakarni &  company and other individuals were given around 275 crore rupees.  Imagine the scale of siphoning money!.

In an open letter written to Prime Minister Modi, the investors have alleged that, DSK is a renowned public speaker and motivational lecturer; his speeches on morality and work ethics have attracted almost every investor out here.  But unfortunately off late he appears to be using all his motivational energy and oratory skills in exploiting Investor’s emotions who are waiting in the hope of getting justice one fine day.You can red and sign that petition here

Its very interesting, intriguing and baffling that Mrs. Hemanti Deepak Kulkarni introduced as President of DSKDL and wife of CMD of DSKDL Mr. Deepak Kulkarni was also simultaneously operating as Ms. Hemanti Nilkanth Phadke . 

The shareholding pattern of DSKDL  in 2011 of DSKDL in promoter or promoter group category Hemanti’s name appears twice.Hemanti Phadke and also as Hemanti Kulkarni. 

Not only that! 

Hemanti Deepak Kulkarni bears passport as a wife of DSK since 1990! 

However in a nomination form filed for Loksabha Election only Jyoti’s name has been shown as his wife.

Why they did  all these things? - which could be misleading to statutory authorities, shareholders, investors and all other interested parties - needs to be investigated.

In his latest video DSK has confirmed that he has used flat buyers' money to repay FD holders money. This is a violation of Real Estate act and then Maharashtra Ownership Flats Act

But there is nothing new in that DSK has raised FDs in group companies without RBI permission. And almost all finances of all the companies are controlled by Hemanti Kulkarni.

This is not all. Lot is there to come ahead!

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