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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 14^th 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 28^th October .

The police searched DSKDL properties on 2^nd 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 !

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 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!

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