The company was set up by Chirayu Amin's family in the British Virgin Islands with the sole purpose of buying and renting property in London.
Vadodara-based Alembic Pharmaceuticals' promoter Chirayu Amin set up an offshore entity in the British Virgin Islands (BVI) in 2015, a report in The Indian Express has said.
Investigations into the leaked Panama Papers by The Indian Express have revealed that Amin and his family members are listed as the beneficiaries of Whitefield Global Investments Ltd, a company that was incorporated on October 1, 2015. The entity was set up with the sole purpose of buying and renting property in London.
The Indian Express has been investigating the over 11 million leaked documents of Panama-based law firm Mossack Fonseca. The leaked 'Pamana Papers' have been distributed to only 100 media organisations in the world and has about 300 journalists working on decoding them.
The report says that Whitefield Global Investments Ltd was set up after the Reserve Bank of India allowed companies to set up offshore entities under the Overseas Direct Investment (ODI) route under which citizens of the country are allowed to invest up to 400% of a company's networth in an offshore entity.
The beneficiaries include Chirayu Amin, Malika Amin, Shaunak Amin, Pranav Amin and Udit Amin. Pranav and Udit Amin are joint directors in Alembic.
In September 2015, a chartered accounting firm PP Shah & Associates has been listed as acting on behalf of the Amins to incorporate the company. A Power of Attorney for the company was issued for three years in the name of Dubai-based Viral Kumar Hasmukhbhai Doshi, who is employed with SP Shah Consultants DMCC.
The property held on behalf of Whitefield Global Investments Ltd is estimated to be over $1 million as capital or loan from the shareholder. In 2015-16, the turnover of Alembic Pharmaceuticals was Rs 3,148.71 crore.
Interestingly, while Chirayu Amin and his family members are listed as beneficiaries of the BVI company, in the Mossack Fonseca leaked documents, another company -- Techno Global Trade and Investments incorporated in Ras Al Khaimah Free Trade Zone Authority in UAE is listed as the shareholder.
This company is also owned by the Amin family, Chirayu Amin said in a response to queries sent by The Indian Express. He said that small investments have been made in the company via the ODI route. "The remittances are small," he said.
Amin has said that all their overseas investments are fully compliant to FEMA and RBI's norms and have been disclosed to the regulators, the report says.
At 1046 hours, Alembic Pharmaceuticals' shares were trading at Rs 595.50, down Rs 4.95 or 0.825 from previous day's close.
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