The Dharashiv caves in Osmanabad district situated in Balaghat Mountains are a total of 7 caves in the Mountain range. The first cave is without any statue with a small open space. The second cave consists of a statue with artistic work on the right side of the statue. The art work is of the Gandharva era. The fourth cave is an open space without any statue inside. The statue in the sixth cave is damaged while the seventh cave has no statue.
These caves were originally Buddhist, but were later converted into monuments of the Jain religion and fresh caves were also excavated nearby. There are some more Buddhist caves that have been excavated in the hills, about 8 miles from Dharashiv. The earliest of them probably belongs to the 7th century AD. Cave No. II is modeled on the plan of the Vakataka cave at Ajanta caves. It has a central hall measuring 80 feet by 80 feet, with 14 cells for the residence of the Bhikshus and garbhagriha with a colossal image of Lord Buddha in Padmasana. From the hoods of a serpent spread over its head, it is supposed to be the image of the Jain Tirthankara Parashvanath, but the figures of deer with a dharmachakra between them on the pedestal indicates that it is that of Gautama Buddha.
Source:
http://www.hoparoundindia.com/maharashtra/osmanabad-attractions/dharashiv-caves.aspx