After Panama Papers, Amitabh Bachchan's name appears in Paradise Papers
The Bollywood superstar's name was listed after he became a shareholder of a digital media company in 2000
After his name appeared in the Panama Papers, veteran Bollywood actor Amitabh Bachchan's name has appeared in the Paradise papers as well.
According to the report by ICIJ, in collaboration with The Indian Express, Bachchan became a shareholder of a digital media company in 2000. However, it is not clear if the shareholding was disclosed to the Reserve Bank of India, as at the time all investments made abroad by resident Indians required RBI permission. This changed in 2004 after the Liberalised Remittance Shceme was introduced.
Appleby records Bachchan and Silicon Valley venture investor Navin Chaddha as shareholders of Jalva Media Ltd on June 19, 2002. The company was set up in Bermuda on July 20, 2000 and dissolved in 2005.
The company was launched by four Indian entrepreneurs in California in January 2000, with the Indian arm - Jalva Media India Pvt Ltd - being set up in February 2000. A third company was set up in Bermuda in July that year.
In October 2005, Appleby stating that Jalva-Bermuda, listed as “bad debtor”, “shall stand dissolved”. Appleby had already terminated services to the company on January 14, 2004.
Jalva-India survived on paper till it opted for the ‘Easy Exit Scheme 2011’ of the Ministry of Corporate Affairs, for being “inoperative for the past six years due to the reason of business not being successful.” A