The Pandora Papers leak has been termed as the biggest disclosure ever on secret financial transactions and business. The names of 300 Indians have surfaced in the Pandora Papers leak, including the name of cricketer Sachin Tendulkar. The ‘International Consortium of Investigative Journalists’ (ICIJ) examined over 1.19 crore documents, which found that Indians started ‘reorganising’ their wealth after the Panama Papers leak. Sachin Tendulkar also got involved in the liquidation of his assets in the British Virgin Islands three months after the leak.
According to the Indian Express report, the investigation of Pandora Papers has revealed that Sachin Tendulkar, his wife Anjali Tendulkar and Anjali’s father Anand Mehta were the beneficial owners of an overseas property in the British Virgin Islands. The asset was liquidated in 2016 and a buyback of $26.8 million of shares took place.
What do the records of the Panama law firm Alcogal say
According to examination of records of Panama law firm Alcogal, Sachin, his wife Anjali and father-in-law Anand Mehta were named as BOs and directors of Saas International Limited, a company based in the British Virgin Islands. The data is part of documents from the Panamanian law firm, Alcogal, in which his company is incorporated by LJ Management (Suisse). The first reference to the mother-in-law in Pandora Records dates back to 2007. The most detailed set of documents, along with financial benefits for the owners of the company, are available from the time of the company’s liquidation in July 2016. At the time of the company’s liquidation, its shares were bought back by the shareholders at the following listed price:
Sachin Tendulkar (9 shares): $856,702
Anjali Tendulkar (14 shares): $1,375,714
Anand Mehta (5 shares): $453,082
Thus the average buyback value of SaaS International Limited’s shares is approximately $96,000. And as shown by a resolution of the company dated 10 August 2007 (the day the company was formed), 90 shares of the company were initially issued. Anjali Tendulkar gets first share certificate with 60 shares; His father got the second share certificate with 30 shares. There are no details of the buyback of the remaining shares.
Last date of resolution 31st August 2016
The last date for the dissolution of SaaS International Limited is 31st August 2016. The Shareholders’ Motion for Dissolution is signed by all three of its shareholders: Sachin Tendulkar, Anjali Tendulkar and Anand Mehta. As per the Rules of the Mutual Legal Assistance (MLA) Act 2003, there are also details about where the “location of records and underlying documents” will be after the liquidation of SaaS International Limited.
‘All investments are valid, disclosed in tax return’
The Indian Express report also said that Mrinmoy Mukherjee, CEO and director of the Sachin Tendulkar Foundation, maintains that the investments referred to by Tendulkar have been made under the Liberalized Remittance Scheme (LRS) from his tax-paid funds. It is duly accounted for and declared in their tax return. The question of Sachin Tendulkar being involved in money laundering, tax evasion and other illegal activities does not arise. Investments by Tendulkar have been legitimately made from India through banking channels and declared to the Income Tax authorities. The amount received by Tendulkar on liquidation of investments has also been declared in his tax return.
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