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DSK’s bail application to be decided on Friday

The court heard the arguments from both the sides and reserved the order on the bail application for 4 pm on Friday afternoon.    

pune Updated: Apr 26, 2018 23:07 IST
Nadeem Inamdar
Nadeem Inamdar
Hindustan Times, Pune
dsk,bail
DS Kulkarni.(HT File Photo)

Special judget JT Utpat will pronounce his verdict on the bail application of prominent real estate developer DS Kulkarni alias DSK, currently languishing in Yerawada Central Jail, in connection with a multi-crore investor fraud.

Both the defence and prosecution completed their arguments on his bail application on Thursday. The court heard the arguments from both the sides and reserved the order on the bail application for 4 pm on Friday afternoon.

The state government, on behalf of its public prosecutor, argued before the special judge Utpat that DSK has failed to deposit Rs 50 crore with the government despite being given leniency by the court and has misled the court time to time. If DSK is granted bail then he can do anything and, hence, the bail application must be rejected outright. There is strong possibility that DSK might flee the country if granted bail, the prosecution stated.

DSK’s defence counsel advocate Srikant Shivade completed his arguments before the court on Tuesday. The state prosecutor has sought two days time to file his say before the court. Accordingly, public prosecutor advocate Praveen Chavan completed his arguments before the court on Thursday.

Chavan stated that economic offences were worst than murders and its affects are long lasting and painful. Employees in DSK companies have not received their payments for the past 10 months. DSK borrowed money on non existence flats by conniving with bank officials. Despite the police possessing DSK’s passport, the passports of wife Hemanti and son Shirish are still with them and not impounded. Even if all the real estate projects are completed, it won’t be able to fund the depositors, said advocate Chavan.

Defence lawyer Srikant Shivade countered that though DSK did not have money, a number of private parties were ready to fund and complete his projects. However, the environment is not conducive for investment and, hence parties are fearing to invest in his projects. Some vested interests are also spreading canards against DSK so that the private parties do not invest in his projects. DSK has refunded the amount to his investors a number of times in the recent past. Taking into account DSK’s age and his health condition, it is imperative that bail must be granted to DSK for six months. If he does not refund the amount to the investors during the said period, then his bail must be cancelled, said Shivade.

First Published: Apr 26, 2018 23:07 IST