Ajay Devgan named in Panama Papers leak

The Panama Papers leak has brought a new Bollywood actor’s name into forefront. After Bachchans, now Ajay Devgan was named in Panama Papers leak. Ajay, who remains miles apart from controversy, has now been roped into a new debate.

According to a report, in 2013 actor Ajay Devgan bought British Virgin Islands (BVI) company Marylebone Entertainment Limited and was its director for sometime. Reacting to the leak of Panama Papers, the actor said that all legal procedures were followed to set up the company.

The actor bought the entire stake in Marylebone Entertainment Limited on 31^st Oct, 2013 from its original London-based shareholder Hassan N Sayani. On the same days, he was appointed as the director of the company but Ajay resigned from the post on Dec. 15, 2014, reported media from India.

Devgan is reported to have said the company was established according to RBI guidelines, “This company was set up with RBI guidelines for overseas direct investment route. Proper disclosures have been made by my family in the tax returns as required by law,” a leading daily from India quoted Ajay Devgan as saying.

Devgan holds “1,000 shares on behalf of M/s Nysa Yug Entertainment, a partnership firm between Mr Ajay Devgan and Mrs Kajol Devgan,” actor’s chartered accountant Anil Sekhri said.

“This company was floated by Nysa Yug Entertainment through the ODI route and all formalities with respect to the RBI were complied with. The shares held in Marylebone Entertainment Limited are reflected by M/s Nysa Yug Entertainment in its balance sheet as filed with the I-T Department,” he added.

The leaked documents from Panama-based law firm Mossack Fonseca exposes the names of 500 Indians, including actors Amitabh Bachchan and Aishwarya Rai.

Mossack Fonseca, however, denied the report of leak from the firm and said these were “hacked by servers abroad.”