Pandora Papers allegations: Kiran Mazumdar-Shaw says Grossly Misrepresented Facts

"Sharing my Notification to Stock Exchange with facts on my husband John Shaw's offshore trust. Both John and I are law-abiding citizens and have always been in compliance with all the applicable regulations," she said.

Bengaluru: Kiran Mazumdar Shaw, Biocon Chief has issued a notification to Stock Exchanges in connection with her husband John Shaw’s Offshore Trust. Kiran Mazumdar Shaw on Tuesday shared details on social media platform in this regard.

“Sharing my Notification to Stock Exchange with facts on my husband John Shaw’s offshore trust. Both John and I are law-abiding citizens and have always been in compliance with all the applicable regulations,” she said.

The notification has been issued to the Secretary, BSE limited and the Secretary, National Stock Exchange of India Limited on September 4.

“I would like to explain the situation relating to certain media reports on Pandora Papers which have referred to my husband John Shaw’s offshore trust. I would like to state that these stories have grossly misrepresented the facts,” she said.

“I would therefore like to present the facts. My husband, John Shaw is a UK national who from his foreign currency earnings set up an investment company, Glentec International in 1999 to acquire the shares that Unilever Plc. held in Biocon (long before it became a publicly listed company) and for various other investments in real estate and public markets,” she said.

Glentec is a registered entity in Mauritius disclosed to both RBI and SEBI. When Biocon went public in 2004, Glentec’s shareholding in Biocon was disclosed and this information continues to be in the public domain, she maintained.

“Glentec holds 19.76 per cent of Biocon Ltd as per the latest disclosures to the stock exchanges. Glentec is a bonafide offshore company (99 per cent owned by John Shaw) whose income from India largely consists of tax paid dividends received from Biocon Ltd. John Shaw’s tax returns filed in India reports his shareholding and directorship in Glentec.

“Glentec is audited as per statutes and full disclosure of its dividend income from Indian companies is made,” she said.

Source
IANS

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