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Bombay HC wants DSK Group to schedule sale of properties to repay duped investors

The Mumbai court said the officer investigating the case registered at the Shivaji Nagar police station in Pune can supervise the transactions

mumbai Updated: Nov 23, 2017 20:57 IST
Kanchan Chaudhari
Kanchan Chaudhari
Hindustan Times
Bombay high court,DSK Group,duping
DSK’s lawyer, senior advocate Ashok Mundargi, said the group’s assets are worth more than Rs10,000 crore.(HT File)

The Bombay high court on Thursday ordered developer Deepak Sakharam Kulkarni to come up with a plan indicating a concrete schedule for repaying the purportedly duped investors of DSK Group.

Justice Ajey Gadkari sought a list of properties belonging to the DSK Group, along with the approximate market value the properties are likely to fetch, a schedule for their sale and for repayment to be made to DSK Group investors.

The bench said the officer investigating the case registered at the Shivaji Nagar police station in Pune can supervise the transactions and the sale proceeds can be deposited directly with the competent authority appointed under provisions of the Maharashtra Protection of Interest of Depositors in Financial Establishments (MPID) Act, 1999.

The suggestions came after DSK’s lawyer, senior advocate Ashok Mundargi, said the construction group does not want to make excuses, but repay depositors.

Mundargi said the depositors have been associated with the group for 20 to 25 years.He added that the group’s assets, which are worth more than Rs10,000 crore, are more than enough to repay them all.

First Published: Nov 23, 2017 20:57 IST