Kiran Majumdar-Shah on Monday described media reports about the “Pandora Papers” leak as misrepresenting her husband’s maritime faith and calling the organization “bonafite” and “legal.”
The industrialist noted that she and her husband are law-abiding citizens.
Anil Ambani, Vinod Adani, Jackie Shroff, Kiran Majumdar-Shah, Neera Radia, Sachin Tendulkar and Satish Sharma are among the many Indians featured in the ‘Pandora Papers’ which have discovered the financial assets of leaders around the world.
“Media stories about the Pandora Papers misrepresent my husband’s foreign belief, which is managed by an honest, legitimate trust and independent trustees. Said.
Media stories about the Pandora Papers misrepresented my husband’s foreign faith, which is managed by an honest, legitimate trust and independent trustees. No Indian resident holds the “key” of the trust as told in these stories.
-Kiran Majumdar-Shah (@Kiranshah) October 4, 2021
Later, in a regulatory post, he elaborated on offshore trusts.
“My husband, John Shaw, is from the UK, he used his foreign currency earnings to set up an investment firm, Glendech International, to acquire shares in Unilever PLC Biocon (before it became a publicly listed company) and other investments in various real estate and public markets,” Masumdar-Shah said.
Glendech is a registered company based in Mauritius, disclosed to both the Reserve Bank and SEBI.
“When Biocon went public in 2004, Glentec’s stake in Biocon was revealed and this information continues to be in the public domain.
Glentech is a leading coastal company (99% owned by John Shaw), whose revenue from India is mostly taxable dividends received from Biocon Limited.
John Shaw’s tax returns filed in India report his role in Glendek and his position as director.
Besides, Ms. Majumdar-Shah said that Glendech was audited under the Act and fully disclosed its dividend income from Indian companies.
Commenting on the Deanstone Foundation, he noted that it was set up in 2015 by Glendecall to implement charitable donations and for estate planning for both John Shaw and his family members.
“It is an excellent Coastal Trust managed by independent foreign trustees who do not reside in India,” he said, the only settler of the Glentech Deanstone Foundation.
Ms. Majumdar-Shah added, “Both John Shah and I are not trustees, immigrants or beneficiaries of this trust. The beneficiaries of this trust are family members who are not foreigners and non-resident Indians.”
The charitable beneficiaries of the Foundation are mainly educational institutions and all the contributions or donations made to them are in the public domain, he said.
“These are completely unsubstantiated allegations. Both John Shah and I are law abiding citizens and will abide by all the rules that always apply,” Ms Majumdar-Shah added.