DS Kulkarni Defaults: Maharashtra issues notification to attach 459 properties, 276 bank accounts and 46 vehicles belonging to DSK Group
Shrikrishna Kachave 12 May 2018
Maharashtra government has issued two gazette notifications for attaching immoveable and moveable properties of Deepak Sakharam Kulkarni (DSK), his wife Hemanti and others associates of the DSK Group for defaulting on repayment of deposits. The notifications lists 459 properties, 276 bank accounts, and 46 vehicles belonging to the Kulkarnis and their associates spread across the state. The Kulkarnis are being prosecuted under the Maharashtra Protection of Interest of Depositors (in Financial Establishment) Act, 1999, which allows attachment of the assets of a promoter/ director in case of default. 
The government has appointed a sub-divisional officer of Maval-Mulshi division from Pune to exercise control over their attached moveable and immoveable properties. 
Pune-based Right to Information (RTI) activist Vijay Kumbhar, who has been helping DSK depositors, says, “The government has issued this notification considering interests of depositors. However, the process of having the notification executed will take some more time. Earlier, depositors through a single forum had requested Chief Minister Devendra Fadnavis to set up a fast track court to expedite the whole process. We hope this is done as soon as possible, so as to provide timely justice to depositors.”
The Kulkarnis have been booked in offences of Indian Penal Code (IPC) under sections 406 (Punishment for criminal breach of trust), 409 (Criminal breach of trust by public servant, or by banker, merchant or agent), 420 (Cheating and dishonestly inducing delivery of property), 120B (Punishment of criminal conspiracy), 34 (Acts done by several persons in furtherance of common intention).  Cases have also been registered under the Prize Chits and Money Circulations Schemes (Banning) Act and under the Maharashtra Protection of Interest of Depositors (in Financial Establishment) Act, 1999 at Rajarampuri police station, Kolhapur and Shivaji Park police, Mumbai. The couple is presently lodged in judicial custody at Pune. 
Read the notification copy here…
5 years ago
What happens to the investors to the 12.5% NCD D. S. KULKARNI DEVELOPERS LTD is there any recourse? how should we follow up with the company
Manju Presingi
Replied to Priya comment 5 years ago
There are 2 options: i) sell the NCDs from your trading account for a loss Or ii) wait for a few years to see if the assets of DSK are auctioned off to pay the NCD investors. Unfortunately, the 2nd option may not be as hopeful as it seems - because they have committed fraud and it is likely that they have mortgaged the same property to multiple lenders.
5 years ago
How about the depositors of elder pharma? No news
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