May 4, 2016

National Award winning actor-producer, Ajay Devgan’s name has surfaced in the Panama Paper leaks, according to a news report.
Under contention is Devgan’s acquisition of shareholding in Marylebone Entertainment Ltd., a company set up in the British Virgin Islands in 2013. This was done with the intention to purchase and exploit overseas rights of Hindi films, the report said.
Mossack Fonseca & Co (BVI) Ltd, the firm that is in the thick of the Panama Paper leak scandal, was the financial intermediary that helped to set up the company. Initially held by one Hassan N Sayani, a London-based individual, the shareholding of the company (1,000 shares) was bought by Devgan-backed M/s Nysa Yug Entertainment, a partnership he holds with wife Kajol.
“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,” Devgan was quoted as saying by Indian Express.