Bombay High Court reserves order on bail pleas of DSK group owners

The Bombay High Court on Tuesday reserved its order on the anticipatory bail application filed in connection with a Rs 232 crore cheating case against Pune-based DSK Group of developers. The petitions were filed by the owners — Deepak Sakharam Kulkarni (DSK), his wife and son. The case was filed by more than 1,300 investors, largely pensioners. The court will take up the case next on February 22.

Justice  Sadhana Jadhav, who was hearing the bail pleas, reserved his order after Kulkarni's lawyer told the court that Buldhana Cooperative Bank has agreed to grant a Rs 100-crore loan to his client to repay the investors. The court has asked the bank to hold a meeting of its board and pass a resolution granting the loan. They have also been told to submit a copy of the resolution in the court as well as the Pune Economic Offences Wing.

The court reserved its order in the case even though the investigating agency sought the accused's custody to gather more information about the case. Kulkarni and his family were present in the court on Tuesday, as per directions.

While addressing the investors present in the court, Justice Jadhav said: "It is easy for Kulkarni to sit in his car and attend the office of the investigating agency. We had purposely called him to court today, to make him see what his investors are facing."

The accused had moved the High Court after their bail plea was rejected by a Special Court for Maharashtra Protection of Interest of Depositors (MPID) Act.

The investors have accused Kulkarni and his wife of cheating and non-payment of their deposits. Around 8,000 depositors had reportedly invested around Rs 485 crore with the DSK Group, but they did not get their money back from DSK, who cited financial crisis.

CHEATING CASE

• The anticipatory bail application was filed in connection with a Rs 232 crore cheating case. 
   
• The case was filed by over 1,300 investors, largely pensioners.