Biocon Chairperson Kiran Mazumdar Shaw has clarified to the stock exchanges – National Stock Exchange of India Limited and Bombay Stock Exchange that no Indian resident holds the key to husband John Shaw offshore entity Glentec. This is with reference to certain media reports on Pandora Papers which have referred to her husband John Shaw’s Offshore entity Glentec.
In a notification to the stock exchanges, Kiran Mazumdar Shaw stated that her 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.
This comes close on the heels of media reports about Biocon Limited Offshore entity Glentec International having Biocon shares.
As per Kiran Mazumdar Shaw notification to the stock exchanges and regulatory authorities, Glentec is a registered entity in Mauritius disclosed to both Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI). When Biocon went public in 2004, Glentec’s shareholding in Biocon was disclosed and this information continues to be in public domain. Glentec holds 19.76% of Biocon Ltd as per latest disclosures to the stock exchanges.
“Glentec is a bonafide offshore company (99% 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,” Kiran Mazumdar Shaw clarified in the notification.
In 2015, the Deanstone Trust was set up by Glentec to enable philanthropic endowments and for the purpose of estate planning for both John Shaw’ and my family members. This is a bonafide offshore trust managed by Independent Trustees who are foreign nationals, not resident in India. Glentec is the sole settlor of the Deanstone Trust. Both John Shaw and I are neither trustees, nor settlors, nor beneficiaries of this trust.
“Beneficiaries of this trust, who are family members, are foreign nationals and not resident Indians. Philanthropic beneficiaries of the trust are mainly academic institutions and contributions/ endowments made to them are all in the public domain,” the notification stated.
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