Pandora Papers: JCT Chairman holds ownership of BVI firm holding ‘non-promoter’ stake in company

Musk Holdings, an offshore shareholder in Punjab based JCT Ltd who is declared as a ‘non promoter’ in the official records, is linked to the chairman and managing director of the textile company, The Indian Express reported citing Pandora papers.

Citing a certificate of incumbency issued by Trident Trust (BVI) in September 2011, the report said that Samir Thapar, the chairman and managing director of JCT Ltd holds 50,000 shares of Musk Holdings Ltd (BVI), an offshore entity registered in British Virgin Islands. Thapar had acquired Zanha International Ltd (BVI) as its beneficial owner in 2011, records show.

Inherited property and cash from grandfather; recently sold a property for USD 8 million in Zone 1 of Lutyens Delhi; salary as well as dividends from JCT were listed as sources of funds.

Musk Holding was set up in 2009 and held 7.94 percent stake in JCT Ltd in 2013-14. It is listed as a ‘non promoter’ entity in records of the company including annual reports and RoC filings, the report added. Thapar is listed as the sole shareholder of Musk Holdings while Francatina Development Inc is listed as the ultimate beneficial owner, according to JCT’s official documents.

Panama papers leaked in 2016 revealed Francatina Development was linked to another BVI company, Alport Ltd, which also held a “non-promoter” stake in JCT Ltd, the report stated.

While share of Alport were were held by Francatina Development in 2012, Alport held 4.79 percent stake in JCT Ltd in 2015-16. Per Panamian law firm, Mossack Fonseca, the address belongs to Orbis Advisory which operates from offices in Switzerland, Singapore and Liechtenstein. It “specialises in structured transactions” to find “tailor-made solutions for protecting, maintaining and increasing” client assets, the publication noted.