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Biocon chief defends her husband’s trust after Pandora Papers’ revelations

Mazumdar, in a notification submitted to stock exchanges, said her husband is a UK national who from his foreign currency earnings set up an investment company, Glentec International in 1999 to acquire the shares that Unilever Plc held in Biocon.

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Bengaluru: Biocon chief Kiran Mazumdar-Shaw on Tuesday said the media has grossly misrepresented the facts on her husband John Shaw, who has been named in the Pandora Papers investigation.

The investigation alleged that Mazumdar’s husband has set up a trust which is obtaining services from a person who has been banned by SEBI for insider trading.

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Mazumdar, in a notification submitted to stock exchanges, said her husband is a UK national who from his foreign currency earnings set up an investment company, Glentec International in 1999 to acquire the shares that Unilever Plc held in Biocon.

She said Glentec is a registered entity in Mauritius disclosed to both RBI and SEBI.

“When Biocon went public in 2004, Glentec’s shareholding in Biocon was disclosed and this information continues to be in the public domain,” Mazumdar added.

She said Glentec holds 19.76 per cent of Biocon Ltd as per the latest disclosures to the stock exchanges.

Mazumdar said Glentec is a bonafide offshore company (99 per cent owned by John Shaw) whose income from India largely consists of tax paid dividends received from Biocon Ltd.

“John Shaw’s tax returns filed in India report his shareholding and directorship in Glentec,” she said.

Mazumdar said Glentec is audited as per statutes and full disclosure of its dividend income from Indian companies is made.
Commenting on Deanstone Trust, Mazumdar said the trust was set up in 2015 by Glentec to enable philanthropic endowments and for the purpose of estate planning for both John Shaw’ and her family members.
“This is a bonafide offshore trust managed by Independent Trustees who are foreign nationals, not resident in India,” she said.

Glenties is the sole settlor of the Deanstone Trust, Mazumdar said.
“Both John Shaw and I are neither trustees, nor settlers, nor beneficiaries of this trust,” she said.

Beneficiaries of this trust, who are family members are foreign nationals and not resident Indians, Mazumdar clarified.

Philanthropic beneficiaries of the trust are mainly academic institutions and contributions or endowments made to them are all in the public domain, she said.

On the role of Kunal Kashyap, Mazumdar said he is an advisor to John Shaw and Glentec. “In his capacity as an advisor, he is in no position nor has the legal authority to either control or influence the trust,” she said.
Kashyap is neither a settlor, trustee, beneficiary nor a protector of the trust, Mazumdar said. “His role reported as a protector of the trust, in media reports is factually incorrect,” she said.

Mazumdar also said the Overseas Properties mentioned in the reports are mainly owned by Glentec as a part of its real estate investments.
“I would like to assure you that no Indian resident holds ‘the key’ to this offshore trust as alleged in these stories. These are completely baseless accusations,” she said.

Mazumdar said both John Shaw and she are law-abiding citizens and have always been in compliance with all the applicable
regulations.

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