TheIndian EXPRESS LATE CITY, 26 PAGES, NEW DELHI, `6.00 (`8 PATNA & RAIPUR, `12 SRINAGAR) ● THURSDAY, JUNE 21, 2018 ● WWW.INDIANEXPRESS.COM DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA TRANSACTION UNDER SCRUTINY More conflict of interest? Mumbai house of Kochhars has Videocon connection Income Tax probes acquisition of CCI Chambers apartment in Mumbai by husband of ICICI Bank’s Chanda Kochhar KHUSHBOO NARAYAN MUMBAI, JUNE 20 THE INCOME Tax department is probing the acquisition of the current family residence of Chanda Kochhar, the CEO and MD of ICICI Bank, in South MumbaibyherhusbandDeepak Kochhar in a complex transaction involving firms linked to Videocon Group, sources have told The Indian Express. The link between Videocon andtheresidenceoftheKochhars reinforces questions of propriety and conflict of interest that have dogged Chanda Kochhar and are nowthesubjectofan“independent” probe announced by the ICICI Bank. On Monday, the bank said she will be on leave until the probe is completed. The tax department, sources said, is now probing the transaction involving the acquisition of the flat at 45, CCI Chambers CHS Limited — it is in the Churchgate area opposite the Cricket Club of India — and has informed the Central Board of Direct Taxes (CBDT) about its findings so far. On March 29, The Indian Express first reported that Videocon promoter Venugopal Dhoot provided crores of rupees to NuPower Renewables Pvt Ltd (NRPL),afirmhehadsetupwith Chanda Kochhar’s husband and tworelativessixmonthsafterthe businessgroupgotRs3,250crore as loan from ICICI Bank in 2012. Dhoottransferredproprietorship of the company to a trust owned International Yoga Day JOURNALISM OF COURAGE PANAMA PAPERS THE AFTERMATH AN INVESTIGATION BY THE INDIAN EXPRESS WITH INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS & SUDDEUTSCHE ZEITUNG, MUNICH Fresh Panama Papers reveal new names, confirm client trails, panic Mossack Fonseca managed three offshore firms for PVR’s Bijlis Over 12,000 new records investigated by The Indian Express give teeth to regulatory agencies probing trails of Indians, their firms in secret tax havens The CCI Chambers in South Mumbai: This is where the Kochhar family lives. Santosh Parab TANGLE OF TRANSACTIONS ICICIBank-Videocon-DeepakKochhar byDeepakKochharforRs9lakh, six months after he received the loan from ICICI Bank. The Videocon account was declared an NPA or a bad loan in 2017. Tax authorities have found that the Kochhar family’s residence since 1998 was bought through Credential Finance Ltd, afinancialservicesfirmsetupby Deepak Kochhar and his brother Rajiv Kochhar in the mid-1990s, sources said. 14 Due to financial stress, the company filed for liquidation and was suspended from trading in 1996-97. Seven members of the Kochhar family and Videocon International had a stake of 2 per cent and 17.74 per cent, respectively, in Credential Finance as on 2001. In 2009, Videocon Industries Ltd (VIL) nominated Quality Appliances Pvt Ltd, a firm with links to the Videocon Group, to take over the flat from Credential Finance in lieu of the final settlement of the amount due to VIL from Credential Finance, sources said. According to the agreement, Credential Finance transferred the property to settle the money it had taken from VIL. “After 2010, the same flat was re-acquired by Deepak Kochhar CONTINUEDONPAGE2 RITU SARIN & JAY MAZOOMDAAR NEW DELHI, JUNE 20 TWO YEARS after they blew the lid off how the global elite, including over 500 Indians, park and move their money in and out of secret tax havens, the Panama Papers are back — to reveal telling new details. More than 1.2 million fresh documents, at least 12,000 of them linked to Indians, have been investigated by The Indian Express,incollaborationwiththe International Consortium of Investigative Journalists and GermannewspaperSuddeutsche Zeitung. Just as was done with theearliersetof over11.5million documents in 2016. This fresh investigation of Indian individuals and entities who figure in this new set of papersrevealshowPanamanian CONTINUED ON PAGE 2 TOMORROW: INDIANS DOMINATE INQUIRY LISTS WHAT’S NEW JAY MAZOOMDAAR NEW DELHI, JUNE 20 SIZE OF NEW LEAK 443GB NO. OF NEW FILES 1.2million IMPACT OF 2016 EXPOSE No. of global inquiries 150 No. of clients under probe in India 426 No. of searches and seizures in India 58 No. of prosecutions filed in Indian courts 16 Undisclosed income detected so far in India Rs1,088crore The building that housed law firm Mossack Fonseca in Panama City. Its secret world was uncovered in 2016. File Among new names, telecom czar’s son, a business couple RITU SARIN NEW DELHI, JUNE 20 THREE WEEKS before the Panama Papers were published in April 2016, internal email exchanges in Panamanian law firm Mossack Fonseca revealed names of UBOs (ultimate beneficialowners)of somepreviously registered companies, new records show. Among them is KBM Global Limited,acompanyregisteredin theBritishVirginIslands(BVI)by Mossack Fonseca in December 2008. Email exchanges between March 16 and March 17, 2016, show that the BO (beneficial owner) of the company is Kavin Bharti Mittal, founder and CEO of Hike Messenger and son of CONTINUED ON PAGE 2 AROUND THE time the Panama Papers uncovered the secret world of Mossack Fonseca, offshorecompanieslinkedtothe Bijli family of PVR Cinema fame continued to do business with the Panamanian law firm. A pioneer in multiplex cinemas in India, Ajay Bijli, along withwifeSelenaandsonAamer, beneficially owned an offshore company set up to hold a property in the UK. In April 2016, according to the latest cache of Mossack Fonseca’s internal documents, the Bijli family also held two other offshore companies through a Trust and Delhi-based Priya Exhibitors Private Limited. Chesterfield Mayfair Holdings Limited was set up in CONTINUED ON PAGE 2 FULL COVERAGE PAGES 7, 16 A betrayal in the Valley THEEDITORIALPAGE Every time Governor’s rule has been imposed in J&K, the situation has worsened BY FIRDOUS TAK Rivers, states and the Centre Cauvery Authority’s challenge lies in forging federal consensus on Centre’s role in inter-state rivers. THEIDEASPAGE 15 BUSINESS AS USUAL BY UNNY SALESMEN REQUIRED URGENTLY. A golden opportunity to make a great career as salesmen in various divisions of Patanjali including food (Atta, Rice, Juice, Oil, Biscuit), personal care, home care, and Astha pooja samagri. Subramanian stepping down as CEA, says reasons personal ENS ECONOMIC BUREAU NEW DELHI, JUNE 20 ANNOUNCING HE would be stepping down as Chief Economic Adviser, Arvind Subramanian His term Wednesdaysaid was to end he would be May 2019 leaving the Finance Ministry soon though he had not yet finalised the date of his last day in office. The departure announcement comeselevenmonthsbeforethe end of his term in May 2019. Subramaniancited“personal reasons” along with the expected arrival of his grandchild early-September as reasonstoreturntoalifeof research, writing, teaching and reflection. Hesaidthesearchforhissuccessor will begin in the next few daysandthegovernmentshould focus on competence, than CONTINUED ON PAGE 2 • Eligibility: Minimum 12th pass,B.A/M.A/MBA.Preference would be given to those who possess one or two years experience in the FMCG sector. • Selection and training camp will be held between 23rd to 27th June, 2018. (Registration is mandatory) Last date for registration is 22nd June 2018. • Salesmen would be paid wages through Patanjali's main distributor. • There is a requirement of 40 to 50 salesmen in every district.For home delivery and ready stock sales we need 50 to 100 youngsters. • Remuneration ranges between Rs 8000 to 15000 depending on the city category and qualifications. • Regarding this recruitment only contact our authorized coordinator/ASM mobile number given below. Please remember don't fall prey to any agent for the job and do not pay any money either. Contact for Selection:DELHI STATE PRABHARI DR. PARVINDRASINGH GULIA9811488181 l DISTRICT PRABHARI : BADARPUR NARESH GUPTA9717497027, NANGLOI :ANIL 9268007355, ROHTAS NAGAR : SATYANARAYAN BANSAL 9311126465, DWARIKA :GAJRAJ DABAS 9868237902 CHATTISGARH STATE PRABHARI : SANJAY AGRAWAL 9752094801, 9425583197 l DISTRICT PRABHARI : RAIPUR : RAKESH DUBE 9752094823, BASTAR:MANOJ PANIGRAHI 97520948902, RAIGAD: SHARVAN KEJRIVAL 9893649400 , SARGUJA: KAMLESH SONI 9425584348 MADHYA PRADESH : STATE PRABHARI SHRI RAJENDRA ARYA 9752591901 SHRI KARN SINGH PAWAR :9977556590 l DISTRICT PRABHARI GUNA: SHRI KRISHNAYOGENDRA RAGHUVANSHI 9752591924, RATLAM: SHRI PREMARAM POONIYA (RAJYA PRABHARI, YB) 9424046937 9752591911, DEWAS: SHRI ANANT JOSHI (RAJYA KARYAKARINI MEMBER) 9424874397, GWALIOR: SHRI JAY DAYAL SHARMA 9752591925, 7566408066, JABALPUR: SHRI SANGRAM SINGH KARCHULI 9752591928, BETUL:SHRI KAMLESH GOUR (RAJYA KARYAKARINI MEMBER) 9479382437, SAGAR:PUSHPANJALI SHARMA 9752591900, SEHORE: KARAN SINGH 9977556590 HARYANA : STATE PRABHARI : SHRI ISH KUMAR JI :9996541061 l DISTRICT PRABHARI : FARIDABAD: JAYPAL SHASTRI 9716710707, REWARI: PRADIP DAGAR 9812678324, 9416582854, YAMUNA NAGAR: PALARAM JI 9996541060, SONIPAT :SH RAMPARKASH JI 9996541064 UTTRAKHAND : STATE PRABHARI : BHASKAR CHANDRA JI 9837357980, 7060686301 l DISTRICT PRABHARI : BAGESHWOR: GANESH DATT KANDPAL 9411327522, DEHRADUN: DR. SOHANLAL 9760095138, CHAMOLI: VIKRAM SINGH BARTUAL 9411128158, UDDHAM SINGH NAGAR: KOTSH KUMAR 8958603109 BIHAR : STATE PRABHARI : AJEET JI 9955999190, ARUNESH KUMAR 9955999178, 7488119410 l DISTRICT PRABHARI : MUJAFFARPUR: SUDHIR JI 9955999198, PATNA :ANIL JI 9955999166, BHAGALPUR: CHANDRIKA YADAV 9955999192 , PATNA :SHASIDHAR JI 9431445047
Indian Express Limited is an Indian news media publishing company. It publishes several widely circulated dailies, including The Indian Express and The Financial Express in English, the Loksatta in Marathi and the Jansatta in Hindi.