Bombay HC asks DSK Group to deposit Rs 50 crores, by February 5, 2018

The Bombay High Court has given an extension to Pune-based DSK Group, till February 5, 2018, to deposit Rs 50 crores to repay its investors and also extended the interim protection from arrest, granted to the Group’s owner

The Bombay High Court, on January 25, 2018, granted Pune-based real estate developer, DSK Group, time till February 5, 2018, to deposit Rs 50 crores in the court to repay its investors, who have allegedly been duped of their money. As a result, the earlier interim protection from arrest, granted to the Group’s owner, Deepak Sakharam Kulkarni and his wife Hemanti, was also extended till the next hearing on February 5.

See also: Spell out repayment plan: HC to owners of DSK Builders

Justice Sadhana Jadhav also asked the group to submit by February 2, 2018, a list of its properties and assets that can be mortgaged, to help repay its investors. The DSK Group was supposed to have deposited the money last week, but the developer told the court that while the money had been wired to one of its domestic account by a foreign bank, it needed at least three more days, for clearance by the Reserve Bank of India. “This court has no hesitation in putting you behind bars. However, the investors must be paid first. This is the court’s main aim. That is why the court is granting you additional time,” justice Jadhav said.

The developer, however, said the Group had every intention to repay its investors and to comply with the court’s orders. Last year, following several complaints from investors, the Economic Offences Wing of the Pune Police conducted searches at DSK’s offices and also wrote to banks, to freeze the firm’s accounts. According to the complaint filed by one of the depositors, investors had put in several lakhs each in a deposit scheme of DSK Developers but they had neither received the interest nor the principal amount for months.

 

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