Spell Out Repayment Plan: HC To DSK Builders

Voicing concern over the plight of 1,350 depositors who were allegedly cheated by Pune-based DSK Builders, the Bombay High Court on November 23 asked the construction firm's owners to furnish a plan or scheme to repay them.

Justice Ajey Gadkari was hearing anticipatory bail applications of D S Kulkarni and his wife Hemanti, promoters of DSK Builders, in connection with a case registered by the Pune police for allegedly duping depositors of Rs 189 crore. Most of these depositors are senior citizens.

Ashok Mundargi, Kulkarnis' lawyer, said his client would sell some of his properties and return the depositors' money, but he needed some time.

"Give me a proper scheme or plan and a list of the properties you plan to sell and their market value. I am concerned about the plight of the depositors. They only want their money back," Justice Gadkari said.

The court posted the couple's applications for hearing on November 30, while continuing the interim protection from arrest granted to them earlier.

The couple approached the high court after the Pune sessions court refused them pre-arrest bail. Following several complaints, the Economic Offences Wing (EOW) of the Pune police conducted searches at DSK Builders' offices, and also wrote to banks to freeze the company's accounts.

According to the complaint filed by Jitendra Mulekar (65), one of the depositors, last month, he had invested Rs 4.40 lakh in a deposit scheme of DSK Builders, but has neither received the interest nor the principal amount since February.

With inputs from Housing News