Panama Papers III: Niira Radia, Satish Modi, Sintex's MD, among others, figure in list

Lobbyist Radia, Sintex MD Rahul Patel owned one entity in the BVI, while Satish Modi of Modi Global owned two firms in BVI, The Indian Express reports

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Continuing with its set of revelations in the Panama Papers leaks, The Indian Express reported that lobbyist Niira Radia had owned one offshore entity in the British Virgin Islands (BVI) registered by law firm Mossack Fonseca (MF) in 1994. There are resolutions which were signed by her till June 2004. 

The company, called Crownmart International Group Limited, was struck off the records of the law firm in 2009. Later in March 2012, the BVI Financial Services Commission had stated that the company would have been struck off records if they did not appoint a registered agent within 30 days. 

As per records, Radia is shown as a British citizen. While she was in London, she had a company by the name of Crownmart International (India) Pvt Ltd which was known to be a ‘general business’ enterprise. Both the companies are actually family-run enterprises with Radia herself being the primary shareholder, the Express reported. 

“It is pertinent to mention that because Ms Radia was/is not a beneficiary of the company and, hence, Ms Radia is not the right person to comment on your queries relating to this company specially when she does not have any access to the information / documents referred and relied upon by you...Ms Radia had/has disclosed her assets to concerned tax authorities in the UK and India as per applicable laws from time to time," Radia's office said in a statement to the newspaper.

Radia’s name figures in the third list published by the newspaper, which figures industrialists and a tank tycoon as well. 

Satish K Modi

Satish Modi, chairman of Modi Global Enterprises, has two offshore entities Challenge Soccer Ltd and Goldfinch Holding Group Ltd. 

Challenge Soccer was set up in BVI February 2010. Initially, he was a shareholder along with a British citizen. The shares were later transferred to The Challenge Soccer Foundation, a foundation with a registered address of Liechtenstein. He now continues to be a director in the entity. Modi is also a listed shareholder in Goldfinch Holding, an entity registered in the BVI. 

"Mr Modi is an NRI for the last many years and all Indian laws have been complied with," SP Kutty, Secretary to Modi, told the newspaper.  

Rahul Arunprasad Patel 

Patel is one of the managing directors of Sintex Industries, a BSE-listed company. The firm is into manufacturing water tanks. 

In the records of the law firm, Patel was a director of Amarange Inc, a company formed in the British Virgin Islands in 2008. Eventually, the company was struck off the records of Mossack Fonseca in 2014. 

Moturi Srinivas Prasad

Prasad is a Hyderabad-based businessman who owns four offshore companies that were registered in the BVI in 2011. He is now the executive chairman and managing director of Nandan Cleantec and a co-owner in Sika Securities, an offshore entity.  He was arrested on April 2, 2012 for alleged irregularities in exporting bio-diesel and is now on bail.  

Bhavanasi Jaya Kumar

Jaya Kumar is associated with offshore entities Nandan Technologies Ltd, Yes de Ventures SA, Grandbay Canal Ltd, among others. Nandan Technologies was registered in the BVI in 2008, while Grandbay Canal was established in 2015. The businessman is said to be a director of some of these companies, along with Srinivas Prasad and Volam Bhaskar Rao. 

Bhaskar Rao

Rao was associated with Nandan Technologies, associated firms, among others. He was the MD of Sika Securties, a promoter of Nandan Cleantec. He also served as an MD of Nandan Cleantec from April 2008. 

Preetam Bothra and Sweta Gupta 

Both Bothra and Gupta are shareholders in two companies that were formed in the BVI in 2004. They were shareholders in World Wide Group Holding Limited and Jupiter Group Holding Limited

Since May 2013, both hold all the shares of World Wide Group Holding Limited. 

Meanwhile, Preetam and Sweta also hold 30,000 and 20,000 shares of Jupiter Group Holding. 

Bhandari Ashok Ramdayalchand 

Ramdayalchand is shown to be the sole director and shareholder of a BVI company called Ferryden International Limited. It was registered in January 2005 and Bhandari held 50,000 shares of the company.

The Indian Express reports that he provides financial services, including accountancy, investment banking to many companies.

Ashok Malhotra

This Kolkata-based businessman was the shareholder and director of E&P Onlookers Ltd. This company was set up in British Virgin Islands in September 2008. 
 

Sandeep Rastogi, its first director, had transferred all shares to Malhotra. He went on to become the sole director in November 2009. Eventually, the company was shut in June 2010.

Sanjay Pokhriyal 

Pokhriyal gave an initial endowment for the Panamian foundation called Colbury. It was set up in 2004 and was active till 2012. 

Documents show movement of hhuge loans and expense money to maintain assets and properties in New York.

Prasanna V Ghotage & Vaman Kumar 

Iron ore exporter Ghotage, his wife Neha, and associate Vaman Kumar were shareholders in Nordbell Commercial Ltd. It was an offshore company set up in the BVI in July 2007. In 2010, Ghotage and Vilasini were said to have sold 12,000 shares to Vaman Kumar, MF records show. 

Ghotage’s PVG Group transported iron ore in the Bellary district of Karnataka. Meanwhile, Vaman Kumar is an expert in the field of international trade and global commodity trade, especially iron ore. 

Pradeep Kaushikray Buch 

Buch has been a shareholder of Overseas Pearl Limited till 2004. The offshore entity was registered in the British Virgin Islands in 2001. 

He owns nine lakh shares of the company, which were given to him after company’s resolutions were passed in 2001 and 2003. 

George Mathew 

Mathew, a chartered accountant, is linked to companies like Soul Rhythm International and others in the British Virgin Islands. These companies were set up around 2011. 

He has been shown as a director or nominee director, or holding several powers of attorney for these companies. Some of the other companies he has been associated include Seabridge Group Holdings Ltd, Azaxel Asset Holdings Limited, Hallwood Enterprise Ltd, and The Wonderful Solutions Corporation.