New Delhi: Indian Market regulator SEBI is gearing up to look into the alleged fund diversion and corporate governance lapses brought to light by the recent ‘Paradise Papers’ leak. The various listed firms and their promoters include those linked to Vijay Mallya will earn a more focused and sharper eye from the SEBI.
Officials said that some entities linked to Mallya are already being investigated by SEBI and other agencies, thought any new disclosures in the leaked documents made public by ICIJ (International Consortium of Investigative Journalists) will be combed through with a fine toothed comb.
SEBI will be co-ordinating with other regulators and government agencies and will work with foreign regulators if need be.
The investigation carried out by ICIJ along with media partners from all over the world, has unveiled offshore activities of some of the world’s most powerful people and companies. This information was obtained after a massive 13.4 million leaked files from offshore law firms and company registries in some discrete countries was examined.
The leaked files, evidently provide details of tax planning by approximately 100 MNCs, and more than 700 Indian companies and individuals are alleged to be named in the list.
Among the 714 Indians attached to the Paradise Paper scandal, there are some prominent names including actor Amitabh Bachchan, Vijay Mallya and some prominent politicians like Minister of State for Civil Aviation Jayant Sinha.
