Thanks to a deafening silence of Economic Offences Wing (EOW) of Pune Police, Securities and Exchange Board of India (SEBI) and Stock Exchanges!
Pune-based DS Kulkarni group that had defaulted on repayments to thousands of investors is still trying to buy more time.
In fact, Deepak S Kulkarni, the group promoter, continue to promise several things to investors.
This includes promise for repayment by March 2018 and also threat to commit suicide if investors file a first information report (FIR) against him.
However, neither Mr Kulkarni nor DS Kulkarni Developers Ltd, the group's listed unit, is ready to reveal source of this funding.
In fact, D S Kulkarni Developers is mandated to update stock exchanges about every price sensitive information.
However, there is no update from the company on BSE or NSE websites.
Has DSK managed to find a source from where to pay depositors?
That would be a significant development and it is mandatory for a listed company to inform shareholders of any significant corporate development.
If DSK does not have the money to pay, it is simply misleading its shareholders.
One would expect the market regulator Securities and Exchange Board of India (SEBI) and stock exchanges to question DSK about these statements but they are silent.
Read more at www.moneylife.in - DSK Defaults: DS Kulkarni continues to promise repayment without revealing source of ‘funding’; SEBI and exchanges keep mum
Maharashtra Government's Paripatrak about "Effective Implementation of MPID Act:
Maharashtra Protection of Interest of Depositors (MPID) Act.
MPID Act 1999 in Marathi - Android App on Google Play
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One cannot totally hold DSK responsible for financial troubles of depositors.
ReplyDeletePeople must remember that corporate FDs are riskier than Bank FDs hence offers lucrative rates. Had people thought what would happen to their investments if such business would go bankrupt while dreaming bigger interests? Money has nothing to do with social relationships or trust. It moves where ever it finds leverage.
There is unique law of nature:
Risk 'is directly proportional' to Potential Reward.
One cannot have cake & eat it at the same time. Anyway, people should continue to followup for Deposits retrieval along with interest & think twice before investing money in future.
Agree. It's the greed of the people who invest in such FDs & then cry if company goes bankrupt. Don't understand how one can be so moron that they invest entire life savings of family into DSK FDs ? This reminds of people doing dharna on street if some chit-fund agency vanishes over-night !
DeleteBut those who don't have DSK FD but are stuck with flat in abandoned project, there is no option but to go to court & RERA.
See how flat buyers won against crook builders few days ago.
Big relief for home buyers: Builders like Jaypee, Amrapali, Supertech asked to give possession on time or return money with interest -
http://www.businesstoday.in/top-story/big-relief-for-home-buyers-builders-like-jaypee-amrapali-supertech-asked-to-give-possession-on-time-or-return-money-with-interest/story/262253.html
Regarding the Mah Gov paripatrak,
ReplyDeleteHow many of you had privilege to read this document before investing in FDs? By publishing such articles by timing the situation, they are busy saving their a** & jobs for that matter.
Gov must initiate campaign to awake investors of potential risks associated with corporate FDs.
This DSK is top class dramebaaz & hence doing this acting with emotional script. Fact is this crook doesn't want the investors & flat buyers to file case against him because he will then have to give up his lavish lifestyle & sit in jail.
ReplyDeleteAs far as raising of money is concerned, DSK need not be outside jail. Money can be raised by sitting inside the jail like several other builders are doing & to some extent even big crooks like Sahara's Roy did.
And as he has already resigned as MD of DSK, he can very well relax in jail & let his son who is enjoying his stay at Trump Towers, Pune sign the papers.
Btw, why is DSK not giving list of those investors to whom he has refunded the money ? And yes, DSK had promised that his 3 generations will look after timely completion & maintenance of DSK Dream City, which itself is being put for sale !!
This again shows don't trust what builder says & avoid buying under-construction flats.
See the cheap quality of flats in Pune for which builders are charging a premium. This is latest news about yet another slab crash killing workers at Pate builders site.
Balewadi revisited at Dattawadi, same architect involved -
Three labourers were killed and one more was seriously injured after the slab of an under-construction building collapsed at Sinhgad Road opposite Pu La Deshpande garden on Tuesday morning. It has come to light that the architect, who worked on the Park Xpress in Balewadi — where nine labourers died due to slab collapse in July 2016 — is involved with the Dattawadi site as well. The Pune Municipal Corporation (PMC) has issued a stopwork notice to the builders and architect.
The tragedy occurred between 10 and 10.30 am, when a group of four labourers were working on the seventh floor of Pate Developers’ underconstruction 12-floor building.
http://punemirror.indiatimes.com/pune/civic/balewadi-revisited-at-dattawadi-same-architect-involved/articleshow/61122729.cms
See this latest news, sales continued to fall even during festive season. Don't know when builders are going to see the writing on the wall !!
Festive cheer eludes real estate sector -
Today's property buyer is also aware about taking an informed decision to buy a home after clearly judging the pros and cons of buying and renting. In a slowing economy, renting makes better sense from the point of view of cost benefits. Despite the fact that property prices have stagnated/declined and home loan rates are much lower, buying is still a costlier option as the EMI is much higher than the monthly rent and, in case of construction delays, one is burdened by both rent and EMI.
https://economictimes.indiatimes.com/wealth/real-estate/festive-cheer-eludes-real-estate-sector/articleshow/61131354.cms
Diwali festive cheer unable to pull realty sector out of the slump -
ReplyDeletehttp://www.businessinsider.in/Diwali-festive-cheer-unable-to-pull-realty-sector-out-of-the-slump/articleshow/61134498.cms