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Showing posts with label Murky Deals. Show all posts

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.

http://indianexpress.com/article/cities/pune/dsk-pulls-out-of-phursungi-sez-plan/

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 29^th and 31^st October.

Now what would you say ?

Related Stories

Is DSK exploiting Investors, FD holders and flat buyers ?

DSKDL public Limited Company or Criminal Enterprise?

For More on DSKDL scam read Marathi blogs here

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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!

Conspiracy

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!