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Friday, August 4, 2017

Vijay Kumbhar exposes DSK of D S Kulkarni Developers Ltd

1) DSK is not facing cash crunch!

Vijay Kumbhar exposes DSK of D S Kulkarni Developers Ltd

I found DSK's video "Strategies & Future Plans for DSK Group Pune" funny.

Mr. Vijay Kumbhar found it full of factual errors.

In his blog, Mr. Kumbhar has revealed that DSK & his family members have syphoned crores of rupees from their listed company DSKDL into their own private firms and into their personal accounts.

It means that it's not about real estate slow down.

It means that it's not about nota-bandi - banknote demonetization.

It means that it's not about the car accident on Mumbai Pune Expressway.

It's a case of looting money.

It's a case of plundering the bank accounts of public limited company for personal gains.

Certainly, it's not about temporary cash crunch. As DSK claims in the video.

2) Dream City is not the reason of DSK debacle!

DSK is facing financial problems because of DSK Dream City. Many believe that his money is locked in Dream City.

But Vijay Kumbhar proves that DSK & his family members "earned" nearly 275 crore rupees from the land purchased for Dream City. A lot more than DSK actually paid for the land.

It means that DSK & his family members are responsible for the empty coffers of DSKDL. Not Dream City.

3) Does DSK have enough assets to repay the F D Holders?:

In his video DSK claims that he has lots of properties - assets. 10 times more than the Fixed Deposits!

However, after reading Vijay Kumbhar's blog you will come to know that DSK has inflated the land prices.

Obviously you will ask yourself

- Does DSK really have enough assets to refund my Fixed Deposit?

- Does DSK really have enough assets to raise working capital - construction finance - to complete the projects?

4) Is DSK as honest as he pretends?

The sole purpose of the video was to convince the F D Holders that DSK is very committed to them. DSK is trying his best to repay F D Holders' monies.

But a few facts exposed in Vijay Kumbhar's blog create doubts about moral & ethical values of DSK as a person.

Questionable business practices of DSK erodes his trustworthiness & reliability.

No wonder in their petition to Mr. Narendra Modi, Prime Minister of India, victims of DSK say -
We have in past, many examples of Corporate Bigwigs and Company CEOs disappearing from India after committing economic offences; a possibility of that may also be taken into consideration while issuing directions to relevant Govt. authorities for taking necessary remedial measure in the matter.

5) Will Brahmin Chief Minister save Maharashtrian Brahmins from Brahmin Builder?

Being Brahmin was a big advantage for DSK.

It was the main reason DSK could get huge amounts of monies from Maharashtrian Brahmins as Fixed Deposits.

A belief that one of us will not rob us prevented victims of DSK from taking any kind of legal action against him.

But after the research Vijay Kumbhar has come to conclusion that - government's intervention is the solution to F D Holders' problems.

Obviously, the question is - Will Maharashtra C M interven?

To know more about DSK debacle, visit Mr. Vijay Kumbhar's blog - Is DSK exploiting Investors, FD holders and flat buyers?

Related Stories:

1) Sonu Tuza DSKvar Bharosa Nay Kay


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  1. Looks like the last video was an attempt by him to buy more time to be able to do a Mallya act.!

  2. First some DSK news -

    DSK to shut down FD scheme from Jan 18 -


    DSK Group investors up for a united fight -

    The DSK ship is clearly sinking and those who had wagered on its decks are scrambling for survival.
    Despite Mirror’s repeated attempts to contact DSK Group owner DS Kulkarni, all calls and messages to him remained unanswered.


    Investors warn DSK of police complaint if money not returned by August 15 -

    550 citizens who had invested in fixed deposit scheme barged into JM Road office on Saturday, seeking answers


    Toyota seeks alternative dealerships with DSK shut -

    he financial woes plaguing the DSK Group in the realty sector have now spilled over to its 11 dealerships with Toyota in the state, which have been shut down gradually over the past two months.


    The investors should first ensure that the passport of DSK is confiscated so that he can't flee the country. And complaint with police alone won't help, and they should complaint to EOW or Economic Offenses Wing as well.

  3. @ DSK FD investors,
    Builders FD are never safe. You enjoyed high returns for the same reason - high risk. Now when DSK is bankrupt, you complaint to PM. You can't always have the cake & eat it too. This is a risk like buying a stock, price may go up or crash, what does Govt has to do with it ? If DSK has siphoned off the money & stashed it elsewhere, ED, EOW can help but if he is indeed bankrupt, then your options are no more than selling builder on Olx !

    Now we hope that you all come out of the phenomenon that real estate prices always go up, here is the actual solution which can help you than doing useless dharnas outside non sense builder.

    Here is how you can file a complaint :

    1. First, you should file a complaint with the Investor Grievance Cell of the company. Go to company's Website and check contact details. Email them regarding your issues and complaints and save it as a proof that they have not replied your complaints.

    2. If you do not get proper response from them by email or on their helpline numbers, follow below steps and then escalate the issue. You can do this by filing an online complaint to MCA as mentioned below.

    3. On MCA website (http://www.mca.gov.in/MCA21/index.html ) click on the right side menu under 'Important Links' click on 'Lodge Investor Complaints'. It will provide you Investor Complaint Form (http://www.mca.gov.in/DCAPortalWeb/dca/EFormDisplay.do?method=getForm&contentId=1021&taskID=9501 ). Fill in all the necessary information and submit your complaint online.

    4. While filling online complaint form on MCA website, you need to enter Corporate identity number (CIN) (http://www.mca.gov.in/DCAPortalWeb/dca/MyMCALogin.do?method=setDefaultProperty&mode=14 ) of company.

    5. You can submit an online complaint to SEBI http://www.scores.gov.in/Complaint.aspx?flag=n

    In addition, you can also file RTI (after say 30 days from filing complaint/s) with the CLB, MCA and SEBI to get information like file notings and action taken, if any, on your complaint.


  4. Apart from DSK, another major builder has officially filed for bankruptcy, HDIL.
    What is unknown is what will happen to hoarders & end users who have bought flats in under construction projects of such bankrupt builders.

    HDIL arm faces bankruptcy proceedings -

    The subsidiary of Mumbai-based developer HDIL has gone into bankruptcy proceedings following a Rs 250-crore default in its Goregaon project to Union Bank of India.


    Fewer NRIs invest in real estate -
    While NRIs contributed to 20-25% sales in Mumbai five years ago, the number has now come down to 7%
    NRIs know real estate prices won’t rise anymore. In fact, there are signs that they may drop.


    Maharashtra: Realty drains Rs 3.5 k crore; revenue crashes, state finances hit -

    Maharashtra government's revenue generated through registration and stamp duty has gone down sharply by Rs 3,547 crore this financial year.
    Similarly, the Land and Revenue department failed to meet their target of Rs 3,200 crore, but instead earned Rs 1,500 crore — a deficit of Rs 1,699 crore.

    This apart, the Urban Development department earned Rs 700 crore through the sale of floor space index (FSI) and transfer of development rights (TDR) despite setting a target of Rs 5,000 crore, incurring a deficit of Rs 3,300 crore.

    Through the Slum Rehabilitation Authority, the government failed to meets its target of Rs 1,067. It achieved Rs 74 crore, incurring a deficit of Rs 993 crore.

    " Buyers are not comfortable with buying expensive properties. It is beyond their ambit, resulting in a slowdown in the sale of properties. Therefore, it has impacted the generation of government revenue," said a senior government official from the state revenue department.


    PMC Realty check: Demand for new houses falters, number of permissions lowest in last 10 years -

    Over the last few years, Pune’s real estate sector has witnessed a slowdown, with realtors lamenting the large inventory of unsold properties.
    Realtors pointed out that the high real estate rates in Pune were gradually making the city unaffordable for the average buyer.


    All the above numbers are official figs given by PMC & Maharashtra Govt, which clearly shows how real estate market is crashing.

  5. In this Article

    Mr Gera has very cleverly pointed out the high rates as a reason for sale drop. But he forgot to mention that 7000/- Sq feet is alright, if loading and other charges are not there. 7K + 35-40 % loading and then the infrastructure charges + registration + parking etc, so ultimate cost comes out to be 12k-13k per sq feet of livable area.

    He also forgot to mention that he is doing the same for one of his project in Kharadi. Base rate is 6500/- Sq feet, but ultimate cost comes out to be 1.40 Cr for a carpet area of less than 1200 Sq Feet.

    1. And these sadak chap builders compare ready recknoner rates on carpet with their rates which are based with loading, terrace etc. & then say look the difference between our rates & ready reckoner rates is so less, how can it go even low ?
      Always compare all rates on carpet to carpet basis, without the terrace.

  6. Maharashtra Real Estate Regulatory Authority decided to impose a penalty of Rs. 50,000/- on the Promoters, who have submitted their applications for project registration on 1st and 2nd August, 2017 after the deadline of July 31st 2017.