Bank of Maharashtra to auction DSK Group’s housing project at Dhayari



   In continuing developments that are unfolding in the saga surrounding beleaguered city businessman DS Kulkarni and his kin, the Bank of Maharashtra (BoM) has published a notice for auctioning their company’s Dhayari property, because DSK has failed to repay a multi-crore loan.

   This declaration took place only a day after his son Shirish was denied bail by the Supreme Court and asked to surrender within a week; moreover, the Bombay High Court on June 19 also rejected the anticipatory bail application of DSK’s daughter-in-law Tanvi, Shirish’s wife.

   BoM issued an auction notice on June 18, pertaining to a DS Kulkarni Developers Limited’s (DSKDL) property in Dhayari. According to this announcement, the company owed the bank Rs 31.65 crore as of October 2017. Sources said the bank will auction unsold inventory at mega-housing project DSK Vishwa. The notice stated that 22,000 square feet of land, buildings constructed thereon and transfer of development rights (TDR) are up for auction. BoM has fixed the minimum reserve price of the asset at Rs 8.64 crore, to be opened up in an auction on July 23 this year.

   If this were not enough, the HC meanwhile rejected the anticipatory bail application filed by DSK’s daughter-in-law Tanvi, who is one of the directors in the group and named in the FIR filed by Pune police against the family. She had earlier this year applied for anticipatory bail at the sessions court, and also approached the HC seeking interim relief.

   Advocate Pravin Chavan, special prosecutor appointed by the state, confirmed, “When she approached the HC requesting interim relief, the court said it doesn’t have the proprietary to issue bail, also rejecting interim relief. The case will now be heard at the sessions court on June 21.”

   DSK and his family have been in trouble since October last year, when they were booked by Shivajinagar police on charges of cheating and criminal breach of trust under the Indian Penal Code (IPC), as also under provisions of the Maharashtra Prevention of Investment and Debt (MPID) Act.

   Immediately after this FIR was filed, DSK and his wife Hemanti sought anticipatory bail from the Pune sessions court, which was rejected. They then approached the HC, which initially granted them protection from arrest on the assurance that they would deposit Rs 50 crore in court. However, despite several extensions, not a single rupee was deposited. Once the court found that DSK had deployed a ruse possibly to misguide the court, the HC gave cops a free hand to arrest the couple.

   DSK and his wife were arrested on February 17 this year from Delhi. The couple and other members of their family have been accused of cheating over 4,000 investors of Rs 1,153.76 crore, diverting it instead to his and his wife’s accounts. DSK also obtained bank loans of Rs 2,892 crore against 16 ongoing projects of his. While both DSK and his wife are cooling their heels behind bars, their son Shirish has been asked by the Supreme Court to surrender within seven days.

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source: Economic times.

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