The Pune based D S Kulkarni Group of Companies is a very reputed and respectable Business Group, especially in real estate, land development, construction and housing being conducted by their main company D S Kulkarni Developers Ltd. They have diversified into many areas, however, construction and housing is their primary business with offices in Pune, Mumbai and Bangalore.
Over the past six months of so, the D S Kulkarni Group of Companies is the subject of intense discussions for the wrong reasons, the primary topic of the discussions being, Non-Refund of Fixed Deposits after Maturity and Default of Interest of existing Fixed Deposits. This has caused a great deal of anxiety among their investors, especially the Fixed Deposit holders.
A larger number of their estimated 15,000 Fixed Deposit holders have comes together to form various Whatsapp Groups. Going by the general trend of discussions underway in these groups, it is evident that a large section of their Fixed Deposit holders comprises of retired persons and senior citizens. These Whatsapp Groups are most helpful to elderly persons, those who are sick and ailing and those who do not reside in Pune.
I and my parents have been Fixed Deposit Holders of the D S Kulkarni Group for the past 20 years or so. Till the last year [2016] everything was fine and interest was being paid. Fixed Deposit were also being refunded by giving 8 days prior notice. This had gained the trust of their Fixed Deposit holders.
My father is 86 years old and my mother is 84 years old, that is very senior citizens. They have kept a major portion of their life saving, 41, 50, 000 ₹ as Fixed Deposits in various D S Kulkarni Companies as advised by D S Kulkarni and his staff members. Their day to day expenses are met by way of the interest gained by their Fixed Deposits in D S Kulkarni Companies. For the past 7 months, they have not received any interest nor have the Matured Fixed Deposits being refunded. They had no option, but to renew the Fixed Deposits as advised by D S Kulkarni.
This has caused a great deal of anxiety and discomfort to very senior citizens [a sizable segment of D S Kulkarni Fixed Deposit Holders]. Monthly expenses and payment of medical or hospital bills being the major areas of concern.
Even after visiting the main office of D S Kulkarni located at 1187/60, J. M. Road, Shivajinagar, Pune, Maharashtra 411005, 10-15 times, my parents have not received their due interest.
I therefore sincerely feel that:
1] Shri D S Kulkarni and Hema Madam, should immediately call a meeting of all their Fixed Deposit Holders and explain the real causes of Defaults of Interest and Non-Refund of Fixed Deposits after Maturity Date.
2] They should give a fixed schedule regarding interest payments and refunds in writing.
3] They should not give false assurances nor give false dates, which causes great deal of discomfort to their Fixed Deposit Holders.
4] They should not upload Videos and give assurances, which they can not met. When assurances are not met time and again, there is speculation and this gives rise to all kinds of rumors.
5] They should at-least start paying some of the interest, so that many people can take care of their monthly expenses and medical bills.
6] People are well aware that there is a “Mandi” in the real estate market and will definitely fully co-operate with Shri D S Kulkarni and Hema Madam. To be fair to both of them, they have always been very polite towards their Fixed Deposit Holders and I am sure, like me, all of them sincerely hope that the D S Kulkarni Group tides over this period and continues to prosper.
7] They should start a telephone helpline for their Fixed Deposit Holders or at-least authorize a staff member to attend telephone calls, this could be of great help to senor citizens and people residing outside Pune.
8] They should try to dispel the various rumors floating everywhere, this going by the discussions going in the various Whatsapp Groups is the main cause for concerned Fixed Deposit Holder mulling legal action, including filing of police complaints and complaints to other concerned competent authorities. This is an option, I am sure most Fixed Deposits Holders, including me would not like to exercise.
Article in the Marathi language can be seen – Here
DSK has now started sending unsigned messages to FD Holders, he is sending different repayment and interest payment messages, there is no consistency as different people have received different messages and dates, it appears that DSK is confused and engaging in “Aaj Che Maran Udya Var” policy.
Thanks for the article, it highlights the problems of most FD Holders duped by DSK, carry on with the good work.
Dear Sujata Madam, please give suggestions on legal and police action, including ways to contact Narendra Modi and Arun Jaithly or Kirit Somaiya to take up matter on urgent basis in Parliament.
Thanks