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Tuesday, December 26, 2017

Who destroyed DSK - D S Kulkarni?

What can a flat buyer learn from the downfall of DSK?:

Ravi Karandeekar with DSK, December 23, 2013 - Launch of DSK Aanandghan at DSK Vishwa, 1 BHK & 2 BHK Flats - Dhayari, off Sinhagad Road, Pune

Accused Number 1:

DSK - D S Kulkarni - used to give 5 reasons which put his business in danger -
1) His car accident on Pune Mumbai Highway,
2) Slowdown in Pune real estate market,
3) Demonetization,
4) RERA - Real Estate (Regulation and Development) Act 2016,
5) GST - Goods and Services Tax Act 2017

Fixed Deposit Holders got panicked after his life threatening car accident and started withdrawing their deposits.
To pay the F D Holders, DSK diverted funds from other business and killed those business - like DSK Toyota Dealership.
Because of the ongoing slowdown and upcoming RERA & GST, people became less interested in booking flats at the launch or in an under construction project and started preferring to buy ready possession flats - which stopped inflow of working capital.
People started cancelling bookings, stopped paying payment installments after the demonetization which broke the back of his business.

"These circumstances are responsible for the difficulties I am facing. But don't worry. It's a temporary phase. I am not bankrupt. I am just facing cash crunch. My assets are 10 times more than my debt. I will not go down. Give me some time. I will come out of this," DSK used to appeal.

Accused Number 2:

DSK is in financial trouble only because of DSK Dream City.

Impractical concept - River, Tram and all.

Exorbitant property prices - Who will pay 80 - 90 Lakhs for a 1 BHK - This is Pune - Not NYC or London!

Poor location - Manjri on Pune Solapur Highway.

Purchasing & developing 300 acre land of DSK Dream City has left no money in his pocket and there in no cash inflow because there are no bookings.
Many believed that DSK Dream City is the reason for the problems DSK is facing.

Accused Number 3:

One Sunday morning, some F D Holders and Flat Buyers attended RTI Katta at Chittaranjan Vatika in Model Colony.
They shared their problems with Mr. Vijay Kumbhar.
- Not receiving interest.
- Not getting back matured fixed deposits.
- Stalled housing projects.
- DSK not paying Pre-EMIs to the banks as per "Aadhi Ghar Paise Nantar" "DSK Master Plan" offers.
- CIBIL ratings are down.
- Harassment from the banks. Etc.

Vijay Kumbhar starts investigating DSK and unearths financial irregularities and fraudulent intent of DSK.
Calls DSK & Hemanti - wife of DSK - Bunty aur Babli!

In his blogs - Vijay Kumbhar published authentic documents which prove that -
1) For years DSK was cheating F D Holders by collecting Fixed Deposits in the name of the companies which are not allowed to take it.

2) For years DSK was looting his own Public Limited Company - DSKDL - and was siphoning money to proprietary or partnership companies of Hemanti - wife of DSK and her sisters.
Vijay Kumbhar claimed that some documents prove DSK's daughter and niece were also involved.

Vijay Kumbhar not only exposed criminal activities but he insisted that DSK must be prosecuted under MPID Act - Maharashtra Protection Of Interest Of Depositors Act.

"It means that - DSK was not in financial difficulties - not facing 'cash crunch' - as DSK claims - DSK has swindled public money." - Vijay Kumbhar announced.

More than 3,000 F D Holders & Economic Offences Wing (EOW) of Pune Police accepted Vijay Kumbhar's argument and registered FIR against DSK and Hemanti - Bunty aur Babli.

Accused Number 4:

While arguing on anticipatory bail application in MPID Court in Pune, Shrikant Shivade, DSK's lawyer accused a political leader for the troubles DSK is facing.

To grab the land bank of DSK at a throw away price - DSK Dream City and other land parcels - this politician is using MPID Act.

There is enough proof to prove that DSK can not be prosecuted under MPID Act - that's why he should get the bail. Advocate Shivade told the court.

Surprised to hear this, after the hearing, I met defence lawyer of DSK and requested him to reveal the name of that politician.

Advocate Shivade refused to tell me the name of that politician but told me that I can write what he has claimed in the court - some politician is behind all this!

"Sir, I am not a lawyer. I am Ravi Karandeekar, Pune real estate blogger and investment adviser. I can't write without a proof. That's why, please, give me a video interview," I said.

But the advocate refused.

Accused Number 5:

"Two stupid & foolish bloggers - Maha Murkh aani Bhampak Bloggers - are trying to harm me by spreading rumors against me," without mentioning the names, DSK accuses the two bloggers in this video -

Accused Number 6:

After meeting the supporters of DSK, Mr. Raj Thackeray of Maharashtra Navnirman Sena, announced that - "Non Maharashtrian builder lobby is trying to destroy Marathi Builder DSK and take over not only his business empire but the entire Pune real estate market"

Accused Number 7:

DSK is a good and an honest Marathi businessman. As Maharashtrians we must help him overcome the current difficulties. Raj Thackeray appealed.

To find out - 'Is DSK good to save' - I talked to Mr. Sanjay Deshpande, son in law of DSK. Before starting his own construction company, Sanjeevani Developers, Sanjay was MD of DSKDL. That's why he knows DSK as a person as well as a businessman. And most important - Sanjay's business style is exactly opposite of DSK. Means Sanjay must have learned - 'how not to run a business' - from DSK. I thought.

In the video interview, Sanjay avoided to criticize DSK directly. Without taking his name, Sanjay said - "Those builders who didn't realize that "The Rules of the Game" have changed are facing serious financial problems."

"Who has changed the rules?," I asked.

"Government!," Sanjay said.

"What? Are you accusing Maharashtra Government for destroying DSK?," I said.

Accused Number 8:

To understand their views, I interviewed a few 'Supporters of DSK'. You know? These DSK Supporters accused the F D Holders for destroying DSK!

When DSK himself was confessing that he is in financial difficulties and requesting all to give him some time to arrange funds - many F D Holders were emotionally blackmailing DSK to pay them.

"Emotionally blackmailing! How?," I asked.

"By telling lies! By exaggerating their problems!!," the DSK supporter said.

"How?," I asked.

"When I was at DSK's office, I saw a girl continuously crying loudly - 'I have lost my father. Give me money to perform his last rights' - You know what? The next day her father himself came to DSK's office to collect the money!," the DSK supporter said.

"I saw a lady - who was wearing gold ornaments of more than 30 tolas - requesting DSK to pay back her money for her husband's medical treatment! There are hundreds of examples like this - which prove that these greedy - impatient - unfaithful - short sighted - liars - backstabbed DSK and filed FIR against him - now, who knows - DSK may go to jail - and that may be his end," the supporters said.

Accused Number 9:

"The case of DSK is nothing but a prime time tv soap opera!," one of my readers, Ms. Agarwal, not her real name, said.

"But Mr. Kumbhar says it's MPID case," I said.

"Mr. Kumbhar is RTI activist. His investigation may be right. But his conclusion is not. Accusing DSK is a big mistake. DSK is innocent. In fact, he is the victim!," Ms. Agarwal said.

"Really! How?," I asked.

"Where did the money go? Who had 'power of attorney' for the both sides? If you study the evidence shared by Vijay Kumbhar - you will realize that - all money went to only one person - Ms. Hemanti Deepak Kulkarni! Right?," Ms. Agarwal said.

"Yes! You are right!!," I said.

"Ms. Hemanti systematically siphoned all money to her and her sisters accounts - firms. She took away all moneys and powers of DSK. She gave away those funds to her son to spend on his dreams. Not only that! She forced DSK to step down and gave control of DSKDL to her son. Now, DSK is moneyless, old, powerless and accused. Right?," Ms. Agarwal said.

"Yes! You are right!!," I said.

"Whereas, she and her son have everything any woman can dream about. This is a story of a revenge and power. She must have planned it long ago - first she removed DSK's family & trusted lieutenants - Mr. Vinay Phadnis - son in laws of DSK Mr. Deshpande & Mr. Vanjape - from the company - then she gave powers and important roles to her sisters and hijacked the company. Blind in her love, DSK never realized that he has lost everything to his wife. He has become nonentity. Innocent DSK didn't realize that - through both of you - his wife is offering him as a scapegoat to law," Ms. Agarwal said.

"OMG! You mean to say that Ms. Hemanti destroyed DSK?," I almost shouted.

"To understand this you need to have a heart of a woman!," Ms. Agarwal said.

"And a lot of free time to watch prime time tv soaps," I said.

Accused Number 10:

Nearly 3 months after filing complaint against DSK, Pune police didn't register FIR. Someone is preventing police from taking action against DSK - F D Holders believed and stopped wondering - how come every time they go to police DSK is always present there!

However, when Pune Police registered FIR, they suddenly became very efficient. Within no time, Pune Police not only took actions like searching offices and residences of DSK, freezing DSK's bank accounts, confiscating computer server, ordering sub registrar not to register any document of DSK etc - but they gave exclusive interviews to every TV channel & every newspaper. The huge media coverage poured oil in the fire and thousands of F D Holders from all over India started filing complaints against DSK.

Not only that!

The Public Prosecutor of Pune Police single handedly defeated advocate of DSK and convinced the judge to reject anticipatory bail application of DSK.

No one expected so much efficiency and so many efforts from Pune Police.

If Pune Police had followed Kolhapur Police and Mumbai Police - DSK would not have to run for his life. DSK supporters feel.

Accused Number 11:

It was just a hearing of anticipatory bail in Bombay High Court. Pune Police hasn't yet filed a case under MPID.

Still Justice AS Gadkari looked over enthusiastic about protecting the interest of the fixed deposit holders of DSK.

He granted anticipatory bail only when DSK offered to deposit 50 Crores in 15 days and handover a land worth of 200 Crores to the court.

Advocates of DSK tried to convince the court that if DSK had so much money and so much encumbrance free land - no F D Holder would have any complaint against him!

But Bombay High Court didn't listen to DSK.

And DSK had no option but to behave like a criminal and run away to Delhi.

Some even started talking that via Delhi, DSK has gone to Nepal from where he may go to Pakistan or Dubai.

Adamant court has forced the firebrand devotee of Swatantryaveer Savarkar to behave like anti national criminal - DSK supporters went on crying till they found out that DSK has obtained protection from the supreme court.

True. DSK has obtained protection. But he has lost his face.

Accused Number 12:

When it was almost clear that DSK is not going to remain free for long, a son in law of DSK's brother and ex-executive director of DSKDL, Mr. Kedar Vanjape gave me an interview. The next day, he also announced that he is filing 100 crore defamation case against DSK.

You know why?

Because in the press conference DSK has accused him.

"Kedar Vanjape is behind all this! He is trying to destroy me!! He gave all documents to Vijay Kumbhar!!!," DSK had told the reporters.

"Did you destroy DSK?," I asked Kedar.

"If you want to know - come to my office," Kedar said.

In his video interview, Kedar told me that - "Not Kedar Vanjape but the debt destroyed DSK! DSK went on borrowing to pay the old lenders. When there was no one left to borrow - he couldn't pay the lenders - the F D Holders, the NCD Holders, the banks."

"You mean to say that DSK himself destroyed DSK?," I asked.

Kedar Vanjape didn't say anything.

Accused Number 13:

"What's going on?," Vijay Kumbhar called me today morning.

"I am trying to find out who destroyed DSK - in fact, at this point of time, I am writing a blog on this topic - I have prepared a list of accused - but not sure who it is," I told him.

"Tell me your list of accused," Vijay Kumbhar said.

"You have missed one name!," Vijay Kumbhar said.

"Really? Tell me," I said.

"Ravi Karandeekar!," Vijay Kumbhar said.

Till then, I didn't know that Mr. Vijay Kumbhar has such a great sense of humor!

What can flat buyers learn from the destruction of DSK?

In short quantities, every flat buyer has all the symptoms which destroyed DSK.

When we buy a property - like DSK - we ignore that circumstance can change - we may lose the job.

We don't pay attention to the fact that property has stopped appreciating and borrow to invest in a second property.

Like DSK - we all believe in "Jugad" - and try to buy a home by borrowing money from our parents, relatives & friends - and put our important relationships in danger - and when something goes wrong we blame the builder or the government.

We also don't pay much attention to the facts - sanctions and approvals - and make our decisions based on the brand image of the builder.

We don't feel ashamed to borrow 85 - 90 - 100 percent of the agreement value from the banks and commit to pay 50 - 60 percent of our monthly salary as an EMI - just like DSK.

Some of us even take a personal loan or 'top up loan' to book or furnish a flat.

DSK wanted to prove that he is a big business man - exactly like, we want to prove to our parents, in laws and colleagues that we are doing well!

Every young man feels that he can not get a wife if he doesn't own a flat - means he becomes slave of his wife even before he becomes her husband.

So, moral of the story is, before buying a property be sure that you will not become the next DSK.

What say you?

Please, share your views in the comments.

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12) DSK group’s crisis is likely to affect Pune’s real estate market

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01) April Fool

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  1. Ravi sir...Last para for flat buyers is really eyeopening. Great post sir...Keep going..

  2. Frds what i feel is business man or woman is an attitude.. no business can be done with any boundaries like caste or religion or gender! These are days of service, excellence & quality, anybody who can give these three things in any business, he or she will grow & rest all will vanish!! One can always urge people of our caste or religion to become a businessman but we cant make them survive by providing crutches of caste is a fact!! Will i go to a doctor with poor diagnosis skills just because he is marathi? or will i eat at a hotel with bad taste of food & poor service just as hotel owner is a marathi? Lets ask this question to ourself.. today what each of us has achieved is not because of our caste or religion but because of our knowledge & skill, because we worked hard to earn! Being proud of our caste & religion is one thing (though that also i dont feel by myself as i am born at bramhin parents isnt my credit) but lets always keep these things separate from knowledge & skills as then only this country will grow.. is what my personal opinion!.. today has dsk or any other businessman given martahi people flats cheaper or higher FD interest just because they are marathi? neither dsk nor any builder has made any favour to anybody, lets understand it, this is sheer business which runs on give & take only! In our country when in problem then only people remembers caste or language or religion to save our skin is a bitter fact!

    1. No one is doing favor to other. Neither does builder nor does customer do favor by investing in FDs.

      People invested in FDs for higher returns, they consistently enjoyed it for years, business has gone bankrupt, FDs holders stopped receiving interests & their capital is locked. Nothing wrong with it! It's part of economy.

      I am surprised, how so called 'white collar educated fool' crave for extra interest without thinking of risks involved. Corporate FDs are risk prone hence offers better interest than Banks. Even Bank FDs are insured up to 1L irrespective of amount. Remember what happened to Lehman Brothers? There is nothing called ZERO risk + HIGH reward in this world. Risk is DIRECTLY PROPORTIONAL to Potential Reward.

      I believe DSK builder has consistently paid interests for decades but currently facing trouble due to recession can be trusted except some malpractices like diverting money to relatives.

      FDs holders must not get into hard legal fight as it will leave them numb eventually. but babus, police, lawyers, dalals will milk them out nicely.

      Since both parties, builder & fd holders are equally creditable, 50% settlement can be done outside the court.

    2. Quality,service, excellence - talk is cheap in our country - please put the talk in action and there will be no need to talk really!!!

    3. Quality,service, excellence - talk is cheap in our country - please put the talk in action and there will be no need to talk really!!!

  3. Excellent blog Ravi.
    In the interview with Kedar V, the last 4 mins are the most important lessons which everyone should follow to have good financial discipline.

    Here the builder himself states how exorbitant profits builders used to make despite paying huge amount as interest to investors. It were the buyers who fell in trap of hoarders that buy, buy, buy....prices only go up, buy now or it's never, once in a lifetime opportunity etc.

    Flat rentals are 1-1.2% so better to stay on rent & invest the surplus amount which is difference of EMI-rent. This will give you far greater returns that after few years, not only your downpayment amount increases but real estate prices too are far less which means less interest paid to banks + lesser tenure of loan meaning you can become home debt free much earlier than those who took long duration loans with less downpayment for high priced property earlier.

    See today's news about bank NPAs. This is all the result of cheap money which flowed more than water in market in last decade & be it builders or flat buyers, many have over-leveraged themselves.

    India’s bad loan problem ranks among the world’s worst -

    With a pile-up of bad loans, Indian banks seem to be winning the wrong race.


    And here goes one more major builder bankrupt, RNA of Mumbai. His projects are already delayed & buyers are stuck.

    Allahabad Bank to auction basement and three floors of Bandra building, which houses the office of managing director of RNA Corp, for failing to pay dues of Rs 88 cr -


  4. Nice Videos and eye opener suggestions Ravi. Thanks a lot for your efforts to educate the home buyers.

  5. Last paragraph "What can flat buyers learn from the destruction of DSK?"
    is REAL GEM advice and something you should take with you and repeat every time you think about making EASY money in real estate.