DLF, In­di­a­b­ulls Real Estate Pro­mot­ers Say They’re Clean

The Economic Times - - Economy - Our Bureau

GLOBAL IN­VEST­MENT I have made overseas in­vest­ments af­ter pay­ing full taxes in In­dia, each overseas remit­tance is dis­closed to RBI on the date it was made SAMEERGEHLAUT Pro­moter, In­di­a­b­ulls Real Estate

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 .₹ 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 .₹ 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 ex- tremely 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 2011 and later be­tween 2013 and 2014. The to­tal cap­i­tal of the com­pany is around .₹ 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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.