MUMBAI | DELHI: The names of promoters of real estate developers Indiabulls Real Estate and DLF figure in the 11 lakh documents leaked from Panama-headquartered law firm Mossack Fonseca, alongside other Indians who have formed offshore entities in tax havens around the world.
Responding to ET's queries on the development, Sameer Gehlaut, promoter of realty developer Indiabulls Real Estate, said all relevant disclosures related to overseas investments through his family trust and other companies have been made to the authorities.
"I have made overseas investments after paying full taxes in India, each and every overseas remittance is disclosed to RBI on the date it has been made," Gehlaut said.
According to Gehlaut, he receives dividends worth Rs 350-450 crore every year and has been investing his monies in his Indian family trust, SG Family Trust (Sameer Gehlaut Family Trust), for further investments in its wholly owned subsidiary in India, Callies Infrastructure Pvt Ltd (India).
Further, Callies Infrastructure has capitalized its wholly owned subsidiary in Bahamas, Clivedale Overseas Ltd (Bahamas) that is engaged in property development business in London through its arms under the brand Clivedale, the response added. In 2014, Indiabulls Real Estate acquired a building 22 Hanover Square in London's Mayfair locality for Rs 1,550 crore.
"The overseas business of construction and property development being carried out by SG Family Trust and Indiabulls Real Estate is strictly as per the RBI policy framework for overseas direct nvesitments," Gehlaut added.
The documents leaked from Mossack Fonseca reportedly show that even before acquiring 22 Hanover Square, Sameer Gehlaut had acquired multiple other properties through SG Family Trust which are being built as residential and hotel projects.
Rajeev Talwar, CEO of DLF, said the media report is aimed at distorting public perception which is extremely dear and important to all corporate and promoter families.
"We strongly emphasise that all remittances were made after the government introduced the LRS scheme. Each year, the remittances were below the limit prescribed by RBI," he said. "All remittances were made from banks which were authorised dealers. Therefore, there is no question of wrong doing. No companies were set up by promoter group in BVI. All existing company shares were subscribed to as permitted by the government of India. This opportunity was available to every Indian."
He added that each year this was reported to the I-T and also mentioned in company's annual report.
On the promoters of DLF, documents reportedly show that chairman KP Singh had acquired a company in the tax haven British Virgin Islands in 2013. His wife Indira is a shareholder. Mossack Fonseca was the registered agent for offshore firm Willder Ltd that Singh acquired. The law firm had identified KP Singh as a politically exposed individual. The two had remitted funds to acquired Willder between 2010 and 2011and later between 2013 and 2014. The total capital of the company is around Rs 16 crore.
Offshore entities were also set up by KP Singh's son Rajiv Singh, who is DLF's vice-chairman and daughter Pia Singh, who is a nonexecutive member of the board.
Pia Singh, her husband Timmy Sarna, and their two children are shareholders in offshore company Alfa Investments Global that is registered in British Virgin Islands.
SOURCE: ETRealty.com
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