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 5.34.87.500 ( 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  5.15.42.500 ( five crore fifteen lac forty two thousand five hundred ). And 7.29.37.500     ( 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 1.12.12.500 ( 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!

Subscribe for Free

To receive free emails or free RSS feeds, please, subscribe to Vijay Kumbhar's Exclusive News &  Analysis

RTI KATTA

RTI KATTA is a platform to empower oneself through discussions amongst each other to solve their problems by using Right to Information act, Every Sunday at Chittaranjan Watika, Model Colony,Shivaji nagar, Pune, between 9.30 to 10.30 A.M.

Vijay Kumbhar

RTI Resource Person, RTI Columnist

Phone – 9923299199

Website – http://vijaykumbhar.com

                   http://surajya.org/

Email     – kvijay14@gmail.com

Facebook - https://www.facebook.com/kvijay14

Twitter    -  https://twitter.com/Vijaykumbhar62

YouTube - https://www.youtube.com/user/kvijay14

Complaint against wasteful expenditure on coffee table book by CIC

While Prime Minister Narendra Modi is engaged in taking steps to curb corruption, many agencies are involved in encouraging corrupt practices. Wasteful expenditure of public money to impress authorities is also corruption. Recently a coffee table book on success stories of Right to Information “Trust Through Transparency” was unveiled at central information commission’s (CIC ) annual Convention. CIC has spent more than 17 lakh rupees on that book, but only 6 copies of the book were ready at the unveiling function. 

Copies of the book could not be distributed amongst Information commissioners or other participants present at the Convention for the reasons best known to CIC only. However, a soft copy of the book was published on the CIC web site on the same day. Big question is where was the need to print the book at an exorbitant cost of Rs. 17 lakhs when it was to be published on line? This is complete waste of public funds because the only purpose served was to uplift the image of the Chief Information Commissioner.

Normally coffee table book is an oversize, large, expensive book with a lot of pictures, intended to be looked at rather than read. As mentioned in book itself it was printed for limited circulation and academic purpose only. However coffee table books are not meant for academic purpose.

As well as per the press and registration of books act, 1867, every book or paper printed within India must have printed legibly on it the name of the printer and the place of printing. The coffee table book does not mention any of it. The book was unveiled at the hands of union home minister

Over 800 copies of the book are​ ​now being sent to the CIC by Yashavantrao Chavan Academy of Development Administration (YASHADA) from Pune.​​ ​Transportation will cost about Rs. 8000 by rail. However, copies of the book now to be sent (If at all sent) to individual dignitaries from Delhi by any mode will cost over Rs. 4 lakhs, thus making the total cost of the project at over Rs. 21 lakhs. Despatching the book of just 124 pages but costing over​ Rs. 1700 ​ ​per copy and weighing over a 1.6 kilo will thus put additional burden on the finances.

Although the stories published in this Coffee Table book are no doubt ​​inspirational. ​Spending  ​Rs. ​21 lakhs on this project, especially when book is available online is complete waste of resources and funds.

In nut shell, CIC​ ​in collaboration with YASHADA​ ​has wasted Rs. 17 lakhs of public money because it has not turned out to be cost effective .Therefore, Major general (retd) SCN jatar and this writer from Pune have   requested Prime minister Narendra Modi to recover this money from the officials of CIC who approved this expenditure. 

Subscribe for Free

To receive free emails or free RSS feeds, please, subscribe to Vijay Kumbhar's Exclusive News & Analysis

RTI KATTA

RTI KATTA is a platform to empower oneself through discussions amongst each other to solve their problems by using Right to Information act, Every Sunday at Chittaranjan Watika, Model Colony,Shivaji nagar, Pune, between 9.30 to 10.30 A.M.

Vijay Kumbhar

RTI Resource Person, RTI Columnist

Phone – 9923299199

Email – kvijay14@gmail.com

Website – http://surajya.org/

Facebook - https://www.facebook.com/kvijay14

Twitter -  https://twitter.com/Vijaykumbhar62

YouTube - https://www.youtube.com/user/kvijay14

Pune Municipal Corporation to consult "courtesan" on being smart

Finally Pune Municipal Corporations proposal for being “smart city’ is to be prepared by  “McKinsey & company” that has been compared with a courtesan La Belle Otero. (Courtesan means a prostitute, especially one with wealthy or upper-class clients.) Yesterday Pune Municipal Corporation (PMC) passed a proposal to appoint McKinsey and Company as consultant to prepare the smart city plan (SCP) to be submitted to Union government.

Photo Courtsey - https://upload.wikimedia.org/

Amount to be spent on this proposal  is whopping 2.5 crore rupees and it may be the highest amount than any city covered under this scheme . SmartCities is Prime minister Narendra Modi’s dream concept and Pune is one of the 100 cities selected under this scheme.PMC has to now send proposal in this regard  and to prepare this proposal PMC has appointed McKinsey as consultant.

Duff McDonald, who spent four years researching “McKinsey and its Secret Influence on American Business” has compared it with La Belle Otero, a prostitute who amassed a fortune from Europe’s royalty at the turn of the 20th Century. She became one of the most sought-after courtesans in the world. Kings, princes and dukes would pay anything to sleep with her. “McKinsey’s fees are so high, they are spiritually related,” McDonald says. “What customer who pays those fees will ever admit that it wasn’t worth it? Do you get up the next day and go, ‘Wow that was a waste of a million’?”

Photo courtsey - http://www.histoire-image.org/

No doubt politicians and bureaucrats of democratic India compare themselves with kings and dukes and don’t bother to spend public money on courtesans. That may be the reason when this proposal was being discussed in standing committee of PMC one congress party leader intervened on phone and all party members passed the proposal in pre decided manner.

It is not the case that McKinsey’s record was always good, this is the company who has advised world famous telephone company AT& T that mobile phones have no future. This is the company whose former director Rajat Gupta was sentenced 2 years jail term for insider trading by U.S. District Judge in New York .

Now let see how PMC officials have played a trick to award this contract to McKinsey. The docket placed in standing committee says that it was necessary to call tenders from the panel of consultants finalized by central government. However that is not true. It is fact that the Ministry of Urban Development has technically qualified a panel of consulting firms and the States/UTs were at liberty to draw upon this panel. However the States had also  the option of appointing a consulting firm outside the panel by following transparent and fair Procedures .

Photo courtsey - http://gmatclub.com/

These firms had to be selected under least cost selection (LCS) basis. In this case the Client has to select the lowest proposal among those that passed the minimum technical score. And here lies the trick. The scoring numbers had to be given by PMC officials and off course McKinsey got highest numbers. PMC proposal in standing committee doesn’t speak of any LCS base.

The cost awarded in this case is exorbitant and may be the highest in India.

Photo Courtsey - https://upload.wikimedia.org/

The state of Bihar has invited open tenders and estimated cost of preparing proposals for 3  cities has been drawn to 40 lakh rupees for each city, Punjab has estimated such  2 crore rupees for 3 cities , while Jaipur development authority has also estimated this cost to the tune of 40 lakh rupees. However PMC being controversially different and smart it will spend 2.5 crore rupees on same thing.

Interestingly the core infrastructure elements in a Smart City are, adequate water supply, Sanitation, solid waste management, efficient urban mobility and public transport, affordable housing,  e-Governance  and health. And PMC has already spent crores of rupees by appointing consultants on these issues. Then what different is McKinsey going to suggest for Pune?.

Related Stories

After being “little bit urban” same cities are now ready tobe SMART

Subscribe for Free

To receive free emails or free RSS feeds, please, subscribe to Vijay Kumbhar's Exclusive News & Analysis

RTI KATTA

RTI KATTA is a platform to empower oneself through discussions amongst each other to solve their problems by using Right to Information act, Every Sunday at Chittaranjan Watika, Model Colony,Shivaji nagar, Pune, between 9.30 to 10.30 A.M.

Vijay Kumbhar

RTI Resource Person, RTI Columnist

Phone – 9923299199

Email – kvijay14@gmail.com

Website – http://surajya.org              

Facebook -  https://www.facebook.com/kvijay14

Twitter -  https://twitter.com/Vijaykumbhar62
YouTube - https://www.youtube.com/user/kvijay14

After being “little bit urban” same cities are now ready to be SMART

After being “little bit urban” under Jawaharlal Nehru Urban renewal Mission ( JNNURM) many same cities are now ready to be SMART  under PM Narendra Modi’s Smart Cities scheme. And off course Pune and Pimpri Chinachwad are  no eception to that.PM Narendra Modi has squashed JNNURM and started the smart city scheme where the Centre and state will fund  some amount  remaining will be contributed by the chosen cities. There are some guidelines framed for cities to be smart under Atal Mission for Rejuvenation and Urban Transformation (AMRUT)

Photo Courtsey https://www.sunstonecommunication.com

The smart city mission will focus on water supply, sewerage facilities and sewage management, storm water drains to reduce flooding,. pedestrian, non-motorized and public transport facilities, parking spaces, and enhancing amenity value of cities by creating and upgrading green spaces, parks and recreation centers, especially for children.

Photo Courtsey kannanranji.wordpress.com

Public information, grievance redressal, electronic service delivery, citizens’ engagement, waste to energy & fuel, waste to compost, 100% treatment of waste water, smart meters & management, monitoring water quality, renewable source of energy, efficient energy and green building, smart parking, intelligent traffic management system are the key areas that are to be improved under smart city mission.

The ​Central government had invited proposals from cities who want to be a part of smart cities mission. The cities were supposed to send proposals after consulting people . However Pune Municipal Corporation (PMC) being already smart, ​it sent a​n​ invitation to some ​"​smart​"​ activists and NGO’s to give consent for smart city proposal. PMC sent​ the​ invitation​ ​on 8th ​July (Evening) and convened the meeting on 9th ​July i.e very next ​day ​at 11 A M .

​The names of participants are not known. However, former ​Major ​General and P​resident of Nagrik Chetna Mach refused to be “PMC Smart” activist or NGO.  The reasons he ​gave for declining to attend were 1) ​The ​invitation ​for the meeting received very late and it is not possible to attend​ the​ meeting at ​the ​11th ​h​our 2) PMC  hasn’t shown any proof whether it has ​the ​capability of​ making Pune a​ Smart City​ as PMC has failed in public transportation, water​ supply​ and solid waste management.​ ​PMPML has failed because of ​PMC does not give the promised fundsand PMC has also failed in completing any project as per the rules and regulations.​ ​3) How the funds under JNNURM were spent known to all.

However PMC sent proposal to state government. Meanwhile Pimpri Chinchwad Municipal Corporation also sent proposal to be part of Smart cities. PMC at least did a farce of public participation, PCMC didn’t even bother to ask or consult anybody. Now state government has sent PMC and PCMC”s proposal together to central government

Smart city means a city equipped with basic infrastructure to give a decent quality of life, a clean and sustainable environment through application of some smart solutions. However as the new generation’s life revolve around smart phones most of suggestions given are related to mobile applications. For them being smart means only use of smart phones and mobile apps. PMC is to be blamed for this to happen because they didn’t provide background material to citizens before inviting suggestions.  Unless basic infrastructure is not improved improved mobile apps or computer can do nothing.

As far as many municipal officers are concerned they use computers as typewriters only. If you send them email they take printout and process it manually, for them that is the height of e governance. Anyways, fortunately app lovers haven’t sent proposals for online games, casinos, discotheques or pubs as new generations need. For detail suggestions visit  http://punesmartcity.in 

Subscribe for Free

To receive free emails or free RSS feeds, please, subscribe to Vijay Kumbhar's Exclusive News & Analysis

RTI KATTA

RTI KATTA is a platform to empower oneself through discussions amongst each other to solve their problems by using Right to Information act, Every Sunday at Chittaranjan Watika, Model Colony,Shivaji nagar, Pune, between 9.30 to 10.30 A.M.

Vijay Kumbhar

RTI Resource Person, RTI Columnist

Phone – 9923299199

Email – kvijay14@gmail.com

Website – http://surajya.org              

Facebook -  https://www.facebook.com/kvijay14

Twitter -  https://twitter.com/Vijaykumbhar62