Pandora Papers Part 14: Gautam Singhania acquired two entities from BVI, one to hold a Swiss bank account
Gautam Hari Singhania, chairman and managing director of Raymond Limited, acquired two companies in the British Virgin Islands in 2008, reveal the Pandora Papers documents reviewed by The Indian Express.
While Singhania is named as the beneficial owner in one of the companies, he is listed as a shareholder in another.
Deras Worldwide Corporation, incorporated in July 2008, was acquired by Gautam Singhania the same month. Documents from BVI-headquartered service provider Trident Trust show it as its beneficial owner with an address in Mumbai. The purpose of the acquisition was “to hold an account at UBS, Zurich” with Roland Gysel, UBS, AG, Geneva, Switzerland, as asset manager.
Trident Trust, which acted as a service provider for Deras Worldwide, appointed three directors to the company’s board of directors in July 2008. Trident Corporate Services issued an invoice for Deras Worldwide for $ 1,700 on July 10, 2008.
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A detailed set of questions sent to the company did not elicit a response.
The second company associated with Singhania was Lyndonville Holdings Limited. Incorporated on January 2, 2008, in BVI through Alcogal, another global provider of business services, this company has listed Gautam Singhania among its shareholders alongside his father Vijaypat Singhania and his mother Asha Singhania. The company was however liquidated in 2016.
A diversified group with majority commercial interests in textiles and clothing, the Raymond Group is headed by Gautam Hari Singhania. Its flagship product Raymond Ltd is a listed company with a market capitalization of Rs 2,997 crore on Friday. During the fiscal year ended March 2021, the company recorded a loss of Rs 303 crore on net sales of Rs 3,446 crore. The previous year he had recorded Rs 201.7 crore in profit on net sales of Rs 6,482 crore.