INSUBCONTINENT EXCLUSIVE:
Kiran Mazumdar-Shaw says her spouse's trust is mistakenly linked in Pandora Papers LeakKiran Mazumdar-Shaw on Monday stated media reports on
the Pandora Papers leak have mistakenly implicated her other half's overseas trust, and called the organisation as bonafide and genuine
The market veteran noted that both she and her spouse are law abiding citizens.Anil Ambani, Vinod Adani, Jackie Shroff, Kiran Mazumdar-Shaw,
Niira Radia, Sachin Tendulkar and Satish Sharma are amongst the lots of Indians who figure in the Pandora Papers that have actually
revealed monetary properties of leaders across the world
Media stories reporting on Pandora Documents incorrectly link my spouse's overseas trust, which is a bonafide, genuine trust and is managed
No Indian resident holds the key to the trust as declared in these stories, Ms Mazumdar-Shaw, the executive chairperson of biotechnology
major Biocon, said in a tweet.Later, in a regulative filing, she elaborated on the overseas trusts
My husband, John Shaw is a UK national who from his foreign currency revenues set up an investment firm, Glentec International in 1999 to
get the shares that Unilever Plc
held in Biocon (long before it ended up being an openly noted business) and for numerous other investments in realty and public markets, Ms
Mazumdar-Shaw stated.Glentec is a signed up entity in Mauritius divulged to both RBI and SEBI, she included
When Biocon went public in 2004, Glentec's shareholding in Biocon was divulged and this information continues to be in public domain
Glentec holds 19.76 per cent of Biocon Limited according to most current disclosures to the stock exchanges, she noted.She even more
mentioned Glentec is a bonafide offshore company (99 percent owned by John Shaw) whose earnings from India largely includes tax paid
dividends received from Biocon Limited.John Shaw's income tax return filed in India report his shareholding and directorship in Glentec, she
added.Besides, Glentec is examined based on statutes and full disclosure of its dividend earnings from Indian companies is made, Ms
Mazumdar-Shaw said.Commenting on Deanstone Trust, she kept in mind that it was set up by Glentec in 2015 to make it possible for
philanthropic endowments and for the purpose of estate planning for both John Shaw and her member of the family
This is a bonafide overseas trust managed by Independent Trustees who are foreign nationals, not resident in India, she stated, including
that Glentec is the sole settlor of the Deanstone Trust.Ms Mazumdar-Shaw even more stated, both John Shaw and I are neither trustees, nor
settlors, nor recipients of this trust
Beneficiaries of this trust, who are member of the family, are foreign nationals and not resident Indians
Philanthropic recipients of the trust are primarily scholastic organizations and contributions or endowments made to them are all in the
public domain, she stated
These are totally baseless accusations
Both John Shaw and I are law abiding people and have actually constantly been in compliance with all the suitable policies, Ms
