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The biggest tax evasion leak ever, The Paradise Papers is the fourth collaborative investigation into offshore and banking assets done by The Indian Express with the ICIJ. Among the 180 countries represented in the data, India ranks 19th in terms of the number of names. In all, there are 714 Indians in the tally.
The Paradise Papers is a set of 13.4 million confidential electronic documents relating to offshore investment, which in some cases might have been used to conceal income from taxation, was leaked to the public on 5 November 2017.They contain the names of more than 120,000 people and companies.
Among the drugs and healthcare company, the names came up are:
VENKATA NARASA REDDY ATTUNURI and PARTHA SARADHI REDDY BANDI, Hyderabad
Attunuri and Bandi are Directors at Hetero Drugs Limited, Hyderabad, which was incorporated on April 6, 1993. Its authorised share capital is Rs 10,00,00,000, and its paid-up capital is Rs 3,45,00,000. It is involved in the manufacture of pharmaceuticals and other chemical products. The Malta registry data show that Attunuri and Bandi are directors of Hetero Malta Limited. They are also listed as the legal and judicial representatives of the company.
RESPONSE: “The offshore accounts were opened by Hetero Malta, a purely marketing company on behalf of Hetero Drugs. I am a Director in the company so my name appears. I do not know for what purpose it was set up. As far as I know, it is still active. The company has declared it in all its financial declarations. As far as I know, the company has taken all the required authorisations from various departments for opening the account,” Venkata Narasa Reddy Attunuri said.
Partha Saradhi Reddy Bandi said: “I am not aware of any offshore accounts in my name. If the company has opened any, it will declare if it feels the need. I am not in a position to say anything else.”
— SREENIVAS JANYALA, Hyderabad
Ashok Seth, chairman of Fortis-Escorts
Records investigated by The Indian Express show that in 2004, Dr Ashok Seth, chairman of Fortis-Escorts — honoured with the Padma Bhushan and Padma Shri – was given shares by a Singapore-based company that manufactures stents, before the company went public. The company in question is Biosensors International Group Ltd, a Singapore-listed company, which manufactures and markets medical devices for interventional cardiology and critical care procedures.
Bayer is a German multinational, pharmaceutical and life sciences company. It is headquartered in Leverkusen, where its illuminated sign is a landmark. Bayer’s primary areas of business include human and veterinary pharmaceuticals; consumer healthcare products; agricultural chemicals and biotechnology products; and high value polymers.
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