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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!

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24 comments:

  1. Vijay da thanks for bringing this to my notice as I said I havent definitely signed anything in 2012 neither I was in legal capacity to do so for dskdl, this is shocking! You can check from records with SEBI i have nothing to do with dskdl in 2012 as I wasnt on board itself!

    ReplyDelete
    Replies
    1. I can vouch for what sanjay is saying. I was myself director with the company till 2009 after sanjay left so the question of sanjay signing on any document doesn't even arise!

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    2. But it seems that your wife shills was also party to some transactions she had signed some documents

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    3. After all he is her father, she tries to help whatever best she feels as she is free to do that!

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    4. That's ok but my question was to kedar

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    5. That's ok but my question was to kedar

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    6. Dear sir! There is more to this matter than it looks! I admit that the lands were bought in my wife's name because she is a farmer and u can't buy land in the name of a company within approval of concerned govt dept! But it was after that the lands would be transferred to the company at the same rate but it was a kind of set up and we got caught in it! The lands were sold to DSKDL but additional amount was paid to company as consenting party and my wife is not party to the deal as the entire sale deed amount was transferred to the company back the same moment by some means we are not aware of!

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    7. Mr. Kedar, who transferred the amount and how can amount of someones account can be transferred another account. And what about the taxes etc? . I know There is more to this matter than it looks.Would testify before the authorities if they take any action ?

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    8. Would certainly testify in front of any govt authority whenever required. It will certainly open a huge Pandora's box.

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    9. Authorities may or may nottestify you , but why don't you open that box in public? That will help people to understand the truth.

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    10. This comment has been removed by the author.

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    11. @Sanjay deshpande,
      so when you are aware of the wrong things happening in the DSKDL company, you want your wife to help them and you have NO objection for that?

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  2. Situation looks very serious and joint actions by investors against DSK may yield some recovery.

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  3. Situation is serious and investors have to take joint actions for recovery and hold offenders responsible.

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  4. If Subroto roy of sahara is rotting in jail for taking FDs without Sebi permission -shouldn't DSK also meet the same fate??

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    Replies
    1. Yes U are absolutely right. DSK family is con-family in Pune. Wondering why a few FD holder's still believe in him...? C Either they can,t understand DSK,s business of cheating or simply they might have earned money through wrong doings...??

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  5. DSK has cheated so many poor investors, flat buyers, employers, contractors and everybody who has done business with him. Seems like the family has gulp all the money earn using this fraud.

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  6. Why its not coming out in public? Media doesnt seem to have slight info about this or they are silent purposely.

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  7. What a shame ! Pity the innocent and ignorant investors who put their money driven by sentiments of 'middle class oriented marathi brahmin businessmen'. Never ever fall prey to such con acts. Cheats are cheats. Period. I also pity and feel ashamed of junk justice system which will definitely fail to bring this crook DSK to books. Least to speak about so called jan-sevaks , our dumb and greedy politicians. Included all political parties. All are hand in glove with money mints, the difference is flag colour they carry on their shoulders

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  8. Hello Mr Vijay. Thanks for this article and appreciate everyone's response here.
    I'm one of the aggrieved flat buyers in the adhi ghar paise nantar scheme. To be honest, I've been naive when I entered into it but had no chance of coming out since I was losing money on that transaction.
    Now is even worse. Having discussed 32 lacs of loan, I stand to lose that amount with no sight of the project being completed.
    Is there a way out from this legally? Are there any guilds who are trying to approach the builder and seek a way out?

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  9. COURT SUMMONS DSK, WIFE IN OCT

    One of the complainants, advocate Chandrakant Bidkar, told Mirror, “I had invested Rs 50 lakh and my wife Rs 34 lakh in DSK. We were later issued two cheques of Rs 17 lakh each, one of which we went to deposit — but, when it bounced, we were shocked. When we got in touch with the company, they requested us to hold the other cheque. However, its validity is only till September 24. All we want is our money back, so we filed a civil case. Now, the court has now issued a summons to seven members of the DSK management. All we can do is wait for their response.”

    More at:

    http://punemirror.indiatimes.com/pune/civic/court-summons-dsk-wife-in-oct/articleshow/60297690.cms

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  10. Vijay da,

    What is your opinion on above case of judge ?

    ReplyDelete
  11. विजयदा,

    तुम्ही मराठी ब्लोग मध्ये बेंकांबद्दल लिहलय. तसे माध्यमांच्या भूमिके बद्दलही लिहावे.

    सकाळ, टाईम्स व इतर वर्तमानपत्र वर्षानुवर्ष यांच्या जाहिराती अन् property exhibition या माध्यमातून भरमसाट पैसे बनवताहेत. वर्ष होत आलं तरीही ते मूग गिळून गप्प आहेत.

    गेस आणि ट्राफिक या सारखे विषय दाखवत राहणारे सकाळ
    या बाबतीत पत्रकारिता सोयीस्करपणे विसरून जातो.

    Mirror या आपल्या छोट्या दैनिकांत ही बातमी द्यायची अन् Hindustan Times व इतर मोठ्या दैनिकांमध्ये त्यांना सारवासारव करायची संधी द्यायची असा टाईम्स ग्रूपच्या खेळ चालला आहे. तेही तुम्ही ब्लोग लिहिल्यानंतर.

    लोकांना चूकीच्यामार्गी लावण्यात जाहिरातींचे ५० - ६० टक्के उत्पन्न हे महत्वाचे कारण आहे.

    या बद्दल लिहावे ही विनंती.

    ReplyDelete
  12. It would be interesting to check the loans given by banks to DSK Global Education. Along the years this money as been pumped out of the company and not to educate the students. Salaries have not been paid or very late. The total amount of money from students fee plus the loan is enough for 10 years of spending still less than 10 percent of this money have been used for education. Where did the money go?
    100043942
    2016-08-09
    -
    -
    Immovable property or any interest therein; Book debts; Floating charge; Escrow and DSR account.
    300,000,000
    ICICI BANK LIMITED
    100043944
    2016-08-09
    -
    -
    Immovable property or any interest therein; Book debts; Floating charge; Escrow account
    750,000,000
    ICICI BANK LIMITED

    How is ICICI BANK LIMITED giving loan to a business that loose money every year? How does the bank accept guaranty in the form of a to be build apartments on land that does not belong to the company? Smells very bad.

    ReplyDelete