Ajay devgn among those named in sixth list of the panama papers

Indians set up entities in tax havens long before the government and Reserve Bank of India (RBI) allowed resident individuals to take money out of the country, claims _The Indian Express _as

it revealed the sixth set of names in the Panama Papers case. Undeterred by the Foreign Exchange Regulation Act (FERA) which was in place at the time, “many Indians preferred British Virgin

Islands and the Bahamas as an ideal destination for incorporating companies in the 1990s and early 2000s.” > In the more than 37,000 India-related files that Mossack Fonseca > 

documents threw up, there were at least 20 individuals who had set > up offshore entities before the RBI announced a new Liberalised > Remittance Scheme (LRS) in February 2004.  The

Indian Express Report The fresh list contains names of metal scrap dealers to NRIs in the United States and Dubai. Also on the list is Ajay Devgn who reportedly bought over the entire

shareholding of a British Virgin Islands (BVI) company Marylebone Entertainment Limited in 2013, claiming it was done to acquire and exploit overseas rights of Hindi films. > Mossack 

Fonseca & Co (BVI) Ltd was the registered agent of > Marylebone Entertainment Ltd at the time of incorporation. The > original shareholder of the company, registered in the BVI on

> October 29, 2013, was Hassan N Sayani, an individual based in > London. Sayani was issued 1,000 shares on October 31, 2013. Ajay > Devgan bought over the entire shareholding from 

Sayani the same day. > When contacted, Ajay Devgan told The Indian Express, “This company > was set up with RBI guidelines for overseas direct investment route. > Proper disclosures

 have been made by my family in the tax returns as > required by law.” The Indian Express Report Published: 04 May 2016, 9:10 AM IST