Shares of DLF, Indiabulls group firms and Apollo Tyres slid up to 3.50 per cent on Monday after Indian Express reports revealed the names of Indians in global list of secret companies in tax havens.
From film stars Amitabh Bachchan and Aishwarya Rai Bachchan to corporates including DLF owner KP Singh and 9 members of his family and promoters of Apollo Tyres and Indiabulls’ owner Sameer Gehlaut to industrialist Gautam Adani’s elder brother Vinod Adani’s names were in the list.
DLF shares closed 1.82 per cent lower at Rs 118.65. Apollo Tyres settled 1.81 per cent down at Rs 171.25. Indiabulls group firm shares such as Indiabulls Real Estate and Indiabulls Housing Finance closed down by 1.56 1.12 per cent and 2.18 per cent respectively.
Indiabulls Ventures and Indiabulls Wholesale Services also settled lower by 3.40 per cent and 2.60 per cent respectively.
The records reveal a list of individuals who have paid the firm — and bought the benefits of the secretive, lax regulatory system in which it operates — to set up offshore entities in tax havens around the world. And Mossack Fonseca’s eagerness to meet their demands, for a fee, that helps mask real ownership but still show compliance. READ MORE
Over 500 Indians figure on the firm’s list of offshore companies, foundations and trusts. There are also 234 Indian passports (handed over by clients as part of the incorporation process), an eight-month-long investigation of over 36,000 files by The Indian Express has revealed.