India, Maharashtra, vijay kumbhar, News, Governance, RTI, Transparency, Civic Issues, Real Estate: Is DSK exploiting Investors, FD holders and flat buyers ?

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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5 comments:

  1. Vijay Kumbhar Saheb, you have done a nice job to highlight activities of DSK. This is a case of sophisticated money shifting to personal fields.
    Investors should unite together and take joint actions to recover money.

    ReplyDelete
  2. Gr8 sir
    Dak jail madhe gela pahije

    ReplyDelete
  3. Vijay Da, I read ur bog link, left dsk in 2004 & sure hasnt signed anything after 2006!

    ReplyDelete
  4. Very good work. I am sure you would also like to look into DSK International Campus accounting. This is used as a source of cash by stealing the students money and getting huge loans that are never used by the campus.

    ReplyDelete
  5. Sir,

    Our bank has paid 50% disbursement to DSK for Pushpaban pirangoot flat & As per Adhi Ghar nantar paise DSK should pay the PreEMI . But from 8 months he has not paid the PREEMI & now bank is asking us to pay since DSK is not paying to bank. What should we Do? construction is not even 5 %. And how bank can pay 50% disbursement?
    Also Our possession date as per agreement is May 2018 but while registering in RERA DSK mentioned revised May 2021. What should we do? Please guide.

    ReplyDelete