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Ranjan Pai of Manipal University listed in Paradise Papers

New Delhi, Nov 9 (DHNS): Ranjan Ramdas Pai of Manipal University, GMR Group and entertainment major Eros are among the new individual and entities that surfaced in the latest release of Paradise Papers.

The documents from two companies in Bermuda (Appleby) and Singapore (Asiatici Trust) publicised by the International Consortium of Investigative Journalists (ICIJ) and its India partner Indian Express showed that several corporates opened offshore entities. According to the documents, there are 714 Indians and companies.

The ICIJ has said that all transactions cannot be termed illegal.

Pai, who runs a chain of educational institutions, is said to have set up offshore entities in Mauritius to raise capital. The Appleby documents showed that Manipal Education and Medical Group (MEMG) set up in Mauritius was the vehicle for Pai to operate a number of collaterals against assets which were pledged with premier banks in more than one country.

The MEMG runs six colleges, including four abroad and 16 hospitals. It has Pai and his wife Shruti as directors. Between 2002-2003, it picked up collaterals - listed as four charges - worth Rs 87 crore from Indian banks and between 2006-2011, it got another 15 charges from foreign banks.

In his response, Pai said investments made by him in MEMG have been disclosed to Income Tax Department and all investments made by MEMG into India were declared and necessary approvals were obtained from the RBI. He also said some of the charges have been repaid while some are still being repaid.

The documents, the ICIJ and Indian Express reported that GMR Group created a web of 28 offshore companies to drive expansion. These firms were opened in 10 jurisdictions, including Mauritius and Isle of Man, Spain, Singapore and Malta.

The GMR Group said these were set up within permissible regulations both domestically and overseas.

An email publicised as part of the Paradise Papers showed that Eros was among 12 firms that used Isle of Man to open holding companies for listing in the Alternative Investment Market (AIM).

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Comment on this article

  • J. N. Lobo, Mumbai

    Fri, Nov 10 2017

    Whether it is 'paradise papers' or 'Panama papers' or ' Wikileaks' in India action taken is on paper only. Nothing is going to happen. Elsewhere even the head of state is punished based on Panama papers leak. Here Panama papers are pushed under the carpet. Laws are only for ordinary/poor citizens.

    DisAgree Agree [1] Reply Report Abuse

  • Pinto, BLR

    Fri, Nov 10 2017

    It is sad but true that most of the promoters of the so called educational, engineering & medical colleges collect huge donations in cash for both normal & payment seats which is neither disclosed or partly disclosed to Income Tax. Even IT department is aware of it. It is a big business for both the parties. That is why you can see name sake IT raids each year while professional colleges admission opens. Few cases will booked. Figures cooked & loot shared. End of story for that year. Next year again same issue. CA's are the middlemen like arbitrators in all such cases who get their fair share from both the parties.

    Ask any professional college student for rate card & their parents for the payments especially NRI's for payment seats. You will know the truth.

    Unfortunately these are the same corrupt people raise nationality slogans & get awards !!!

    Sadly central government still hesitant to introduce even 1% GST to curb black money in medical profession & hospital business despite it being the biggest white collar black money generator.

    DisAgree [2] Agree [25] Reply Report Abuse

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