DS Kulkarni open to finish projects in joint venture with Mhada

Jailed developer D S Kulkarni alias DSK told a special MPID court on Monday that he was open to the suggestion of forming a joint venture with the Maharashtra Housing Area Development Authority for completing his stalled projects and repay dues payable to the depositors, but auction of his 143 freehold properties was not a feasible solution. Special public prosecutor PravinChavan objected to DSK’s statement, arguing that the developer was misleading the court as he could have completed these projects by 2017, after their launch in 2014. Special MPID judge D G Murumkar directed DSK to file a written say by February 25 clarifying his position on the state’s plea. The developer is facing prosecution in the alleged Rs2,091.11crore fraud involving siphoning of funds raised through depositors, loans, debentures and home buyers. On January 25, special public prosecutor Chavan had submitted a list of 143 properties of DSK and his group of companies with a plea for the court’s permission to auction them. The packed courtroom on Monday witnessed some heated verbal exchanges between lawyers as well as between affected depositors over the mode of disposal of DSK’s properties after lawyer ChandrakantBidkar moved an intervention plea questioning the special court’s powers to order auction of properties. “This is court, not a municipality,” judge Murumkar said at one point to rein in a woman depositor, who tried to speak out of turn.