Ajay Devgn’s name is now added to Panama Papers case

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Amidst names of Amitabh Bachchan and Aishwarya Rai emerged in the Panama Papers controversy, yet another name that has come up in the scandal is that of actor-producer Ajay Devgn and his wife and actress Kajol. According to a leading daily, Ajay Devgn who owned the complete shares of Marylebone Entertainment Limited in 2013, a company that falls under BVI (British Virgin Islands) is the reason behind Ajay’s names appearing in the Panama Papers controversy.

Ajay Devgn reportedly owned the shares to acquire and make use of overseas rights of Hindi film through Marylebone Entertainment which was also alleged to be registered under Monssack Fonseca & Co, the company’s name that is associated with the Panama Papers leak the most. Ajay Devgn has apparently bought over 1000 shares from the original shareholder Sayani on October 31, 2013 and the actor had even maintained that the share transfer and the company has followed all the RBI guidelines as well as appropriate disclosures were made during tax returns as mentioned in the law. On the other hand, chartered account of Ajay Devgn, Anil Sekhri revealed that these 1000 shares were a part of The Nysa Yug Entertainment which is co-owned by Ajay Devgn and his actress wife Kajol. Further he also asserted that all RBI formalities were accomplished and the shares under Marylebone Entertainment Ltd also reflected in the balance sheet presented to the IT Department.

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What further added to the controversy was the appointment and resignation of Ajay Devgn as a director. After serving over a year as the director, with effect from October 31, 2013 to December 15, 2014, the superstar Devgn resigned. However, during his tenure he brought in EFG Trust Company Limited and EFG Nominees as directors of Marylebone Entertainment. While his resignation is considered to be a consequence of the place of effective management (a concept that determines the residence of the company), Ajay Devgn’s written resolution reportedly mentioned of yet another change. According to recent reports, the said resolution had changed the registered owner of Marylebone Entertainment from Monssack Fonseca & Co to Nerine Trust Company Limited (BVI). “CINEWS”

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