Paradise Papers: List of Indian company owners whose names, address are out in open

An Express India Investigation.

KIRITKUMAR CHIMANLAL DOSHI & HITESH CHIMANLAL DOSHI
Mumbai

Offshore jurisdiction
Malta

Kiritkumar Doshi and Hitesh Doshi are shown as Directors, judicial representatives and legal representatives of a company whose number is listed in the Malta registry data. The shareholders are Cesare Bonetti India Pvt Ltd and Ecovis (Malta) TFC Ltd.

Hitesh Doshi, along with his brother Viren Doshi, is among the four directors of Waaree Khabiya Solar Ventures. Kiritkumar Doshi is listed as a Director on the web site of the Waaree Group. The web site describes the firm as a leading provider of solar streetlights, solar rooftops, solar water pumps and solar water heaters among other products.
According to the web site, the firm has a presence in 68 countries, with 26 sales offices in India and 8 abroad. The site says Hitesh Doshi is also president of the Mumbai-based philanthropic organisation Jain Education and Empowerment Trust.

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RESPONSE: Hitesh Doshi and Kiritkumar Doshi were not available for comment at their addresses in Mahagiri Apartments in Kandivali East, Mumbai. Their family declined to provide any details. –SRINATH RAO, Mumbai

SHYAM MADANMOHAN RUIA & AMAY SHYAM RUIA
Mumbai

Offshore jurisdiction
Malta

The data do not contain the name of the offshore entity, but provide its registration number. Along with four other Indians, Shyam Ruia and Amay Ruia are shown as its Directors, as well as the legal and judicial representatives of the company. Shyam Ruia, 70, is chairman of the BSE-listed Bombay Oxygen Corporation Ltd (BOCL). He has an MA from Cambridge, and was inducted into the board of BOCL in August 1968 as a Director. He is also a Director of several other companies, including Raptakos, Brett and Company Limited, KMR Trading Investment Company Private Limited, M Ramnarain Private Limited, etc.

Amay S Ruia, 30, is Shyam Ruia’s son. Amay is a director at BOCL. He is also chairman of BOCL’s Corporate Social Responsibility Committee, and a member of its audit committee, stakeholders’ committee and risk management committee.

RESPONSE: Shyam Ruia said: “There is no offshore company or entity. Raptakos, Brett is an unlisted company involved in the pharmaceutical and nutraceuticals business for over 70 years. We were registered in accordance with the Companies Act. Raptakos, Brett has a branch office in Malta, opened in 2015 to open avenues for exports to the EU. We have been exporting to various countries in Southeast Asia and Africa for over 30 years. The branch office has been opened with requisite permission from RBI. Raptakos, Brett is owned and managed by the Ruia family.”

SHAILESH HARIBHAKTI
Mumbai

Overseas jurisdiction
Malta

Shailesh Haribhakti is a chartered accountant and the chairman of D H Consultants Pvt Ltd. According to the website of D H Consultants, Haribhakti, as the managing partner of Haribhakti & Co, is involved in Auditing, Risk Advisory Services and Tax Services. He also serves on the board of over 10 Indian companies, and chairs 10 audit committees.

According to registry data, he is one of the 36 shareholders of Astonfield Renewable Resources Ltd, having 150 ordinary shares.

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RESPONSE: Haribhakti said, “I have not registered any entity in Malta and have never been to Malta… On being appointed an Advisor on a solar power initiative in India, I was allotted a very small number of shares in the holding company in Malta… I have resigned from the advisory role. Since then there has been no contact with the Indian entity as well. Of course the insignificant sum paid was from my tax paid resources, remitted through an authorised dealer. This was well below the RBI threshold for annual spend.”

Mili and Sourabh Sen
Kolkata

Jurisdiction
Malta

Astonfield Renewable Resources Ltd was incorporated in Malta in March 2007. In October 2007, Mili Sen, listed as an Indian citizen from Chandannagar in Kolkata’s suburbs, transferred 75 shares to Astonfield Management Ltd (BVI). She transferred another 275 shares to the BVI company in January 2008 and 50 shares to Lalchand Deveshi Shah of Nairobi, Kenya in April 2008.

Sourabh Sen, an Indian living in New York, Ameet Lalchand Shah, a US citizen, and Vimal Shah a British citizen, were appointed directors in April 2008. During 2013-14, Astonfield Renewable Resources Ltd converted a GBP 2 million loan due to Astonfield Management Limited (BVI) into 2000 redeemable preference shares with a nominal value of GBP 1000 each and allotted to Astonfield Management Ltd. For the purpose, the company’s authorised share capital was increased by GBP 3 million. According to Maltese registry records, Renewable Resources Ltd was active at least till June 2016.

Response: US-based Sourabh Sen’s cousin Tamal Sengupta said: “Sourabh’s mother Mili Sen was made the director of the company in 2008. She died in 2012 and after that the company was closed.”

Joydeep Chakraborty, who introduced himself as Sen’s tax consultant, said: “Astonfield is a group of companies. It is an international consortium and Sourabh is not the sole owner of this company. Sourabh’s mother was just a director. She used to pay individual tax and the company was declared in her income tax return. I think RBI authorisation was taken before incorporating the entity but Sourabh will be the best person to answer such queries.” – SANTANU CHOWDHURY, Kolkata

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