Bombay HC extends interim bail granted to DS Kulkarni, wife till November 23
Justice Ajey Gadkari on Friday posted the anticipatory bail application filed by the couple for further hearing on November 23 and till then extended the interim protection granted to the couple on November 10.pune Updated: Nov 17, 2017 21:46 IST
The Bombay high court on Friday extended the protection from arrest granted to developer Deepak Sakharam Kulkarni and his wife Hemanti of the DSK Group for allegedly cheating 2,774 investors to the tune of Rs200 crore.
Justice Ajey Gadkari on Friday posted the anticipatory bail application filed by the couple for further hearing on November 23 and till then extended the interim protection granted to the couple on November 10.
Acting on their pre-arrest bail plea, the judge had on November 10 ordered Pune’s Shivajinagar police to release the couple on bail when they furnish a personal bond of Rs1 lakh and one or two solvent local sureties of the same amount, in the event of their arrest in the meantime. The reprieve, however, was not unconditional. The judge had ordered Kulkarnis not to tamper with the evidence and/or pressurise or threaten witnesses in the case.
On November 10, the court asked senior advocate Ashok Mundargi on how the DSK Group proposed to repay the investors. On Friday, Mundargi told the court that the group has chalked out plans to repay the investors and will be in a position to repay substantial one if the applicants were given two months’ time.
Assistant public prosecutor Vinod Chate opposed the request and urged the court to vacate the interim protection granted to the DSK Group directors. Chate pointed out that the group has cheated more than 2,500 investors and has collected investments without obtaining necessary permissions from the Reserve Bank of India. He urged the court to reject the application in view of the seriousness and gravity of the offence.
Justice Gadkari also found the period of two months quite long and asked the senior advocate to come out with a better plan to refund the dues of investors or argue the matter on merits on the next date of hearing – November 23.
DS Kulkarni and his wife Hemanti have been booked for cheating and criminal breach of trust at Shivajinagar police station on October 28 on the basis of a complaint lodged by Kothrud resident Jitendra Mulekar, 65, accusing their company of duping him for Rs4,40,647.
Based on the complaint, the Kulkarnis have been booked under sections 420 (cheating and dishonestly inducing delivery of property), 406 (criminal breach of trust) and 34 (common intention) of the Indian Penal Code (IPC) and sections 3 and 4 of Maharashtra Protection of Interest of Depositors in Financial Establishments (MPID) Act, 1999.
Mulekar claimed that he had invested in a fixed deposit scheme with the company, which has not only failed to pay him the promised interest, but also the deposit amount on maturity. After him, hundreds of investors approached Shivajinagar police station to file individual complaints.
First Published: Nov 17, 2017 21:45 IST