07 Nov 2017
#ParadisePapers: Hindustan Times Group set up company in Bermuda
Written byNewsBytes StaffIndia
The Bhartias-owned Hindustan Times Group set up a company in offshore tax haven Bermuda called Go4i.com (Bermuda) Ltd through HTBC Ltd, an Indian Express investigation of the Paradise Papers has revealed.
HTBC Ltd, owned by HT Interactive Media Properties, is a shareholder in Go4i.com along with the Cayman Islands-registered Swaminn Investments and Indocean Internet Holding (Bermuda) Ltd.
Go4i.com was wound up in 2004.
Go4i.com (Bermuda) a subsidiary of Hindustan Times Limited
Hindustan Times Limited's 2003-04 annual reported listed Go4i.com (Bermuda) as a subsidiary.
It revealed that the company didn't have any shareholding in Go4i.com.
There was no mention of Go4i.com in Registrar of Companies (RoC) documents from 2004 and 2016.
There's also been no update on the Bermuda-based offshore company's status and business for any subsequent years.
Who all are directors at Go4i.com (Bermuda)?
Hindustan Times Group chairperson, Shobhana Bhartia, and her son, Priyavrat Bhartia, are directors of Go4i.com (Bermuda) and HTBC Ltd, according to documents by Appleby.
Manisha Gupta, Piyush Gupta, Anil Ahuja, Rajan Kohli, Hiren Patel and Ravi Seth are the other officials at Go4i.com (Bermuda).
Kohli was executive president, Hindustan Times Ltd in 2003-04 while Ravi Seth was the company's director (finance) in 2003-04.
Go4i.com (Bermuda) registered over $1.5mn loss
The annual report of the Hindustan Times Ltd for the financial year-ending October 31, 2003, has revealed that Go4i.com (Bermuda) incurred a $701,634 loss.
In the previous year, it registered a loss of $861,265.
"However, there are no details of the business and the revenue of the company over the two-year period," the Indian Express report says.
Shobhana Bhartia's office responds to Indian Express report
Shobhana Bhartia's office responded to the Indian Express report saying, "Go4i.com (Bermuda) was formed after taking all requisite approvals as a JV between Swaminn, Indocean Internet Holdings (co-Investors) and HTBC Ltd (a 100% step down subsidiary of The Hindustan Times Limited) to undertake internet and other allied business."
"The business was subsequently wound up in 2004 after taking all necessary approvals."