Deepak Sakharam Kulkarni was all verve with plenty of bite as he addressed a press conference today - his first public interaction since over 2,000 investors moved the economic offences wing (EOW) against the builder two weeks ago.
Displaying the kind of affable charm that was responsible in getting thousands of middle-class families from across the state, especially Pune, to invest their hard-earned money with the DSK Developers Limited, DSK, the man, invoked a Vijay Mallya comparison to set his case before the media at the packed DSK HQ on J M road.
“In one of the meetings someone said that I’m like (Vijay) Mallya. I immediately submitted my passport to the police to ensure them and investors that I’m not going to run away,” Kulkarni said. “My companies are sound even though there is a cash crunch,” he insisted.
DSK, with his wife Hemanti and son Shirish sitting on either side of him, said he will be submit a repayment plan to the Bombay high court outlining how he aims to return investor cash.
Adopting a reconciliatory, rather than an aggressive tone, DSK did his best to stay away from controversy.
{{/usCountry}}Adopting a reconciliatory, rather than an aggressive tone, DSK did his best to stay away from controversy.
{{/usCountry}}Responding to a question on a statement by his legal representative, alleging that the EOW were working with political entities and rival land sharks to destroy him, DSK refused to comment. He pointed out that he is already taking a risk by addressing a press conference and does not want to be found in contempt of court.
To another question on the DSK project ‘Dream City’ being the current bane of his existence and the proverbial last straw that broke the DSK group, leading to defaulted payments, he replied: “No. Dream City project is not the reason for my troubles. In fact, it is going to save my company.”
Citing the amount of debt currently on his books as Rs 1,500 crore, DSK claimed that out of that amount, he only has to return Rs 165 crore to investors, i.e those fixed deposits that matured in October 2017. “The extended period of return is 10 months,” he said, adding that he still has time to return the money of people whose FDs matured after November... “if they so wish,” he added.
Kulkarni and his wife were booked under sections 420 (cheating and dishonestly inducing delivery of property), 406 (criminal breach of trust) and 34 (common intention) of Indian Penal Code (IPC) and sections 3 and 4 of Maharashtra Protection of Interest of Depositors (MPID) Act.
The case was filed in the first week of November by Jitendra Narayan Mulekar (65), a resident Kothrud, who alleged that the company run by the two duped him for Rs 4,40,647 starting February 2 this year .