turned to appleby major dsc defaulted, icici bank paradise ... · on january 26, 2012. this invoice...

12
10/22/2018 Paradise Papers: Construction major DSC defaulted, ICICI bank turned to Appleby | The Indian Express https://indianexpress.com/article/india/paradise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213/ 1/12 Written by Shyamlal Yadav | New Delhi | Updated: November 8, 2017 6:23:33 pm ENGLISH தழ் বাংলা മലയാളം िहंदी मराठी Follow Us: Ad closed by Stop seeing this ad Why this ad? Home India Paradise Papers: Construction major DSC defaulted, ICICI bank turned to Appleby Paradise Papers: Construction major DSC defaulted, ICICI bank turned to Appleby Appleby sent ICICI Bank Ltd, NBCC Place, New Delhi an invoice for $3026.41 on January 26, 2012. This invoice was for “professional services” provided by Appleby to ICICI with regard to “review of the documents” Facility Agreement. Monday, October 22, 2018 Sponsored Gifting Recommendations: A Realme for every Indian during Flipkart’s Big Billion Days sale Home India World Cities Opinion Sports Entertainment Lifestyle Technology Viral Parenting Photos Videos Audio ePaper

Upload: others

Post on 09-Mar-2020

7 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 112

Written by Shyamlal Yadav | New Delhi | Updated November 8 2017 62333 pm

ENGLISH தழ বাংলা മലയാളം िहदी मराठी

Follow Us

Ad closed by Stop seeing this ad Why this ad

Home India Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby

Paradise Papers Constructionmajor DSC defaulted ICICI bankturned to ApplebyAppleby sent ICICI Bank Ltd NBCC Place New Delhi an invoice for $302641on January 26 2012 This invoice was for ldquoprofessional servicesrdquo provided byAppleby to ICICI with regard to ldquoreview of the documentsrdquo FacilityAgreement

Monday October 22 2018

Sponsored

Gifting Recommendations ARealme for every Indian duringFlipkartrsquos Big Billion Days sale

Home India World Cities Opinion Sports

Entertainment Lifestyle Technology Viral Parenting

Photos Videos Audio ePaper

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 212

Records show that a Non-Disposal Undertaking (NDU) was signed in New Delhi between H S NarulaElsingham Holdings Ltd and ICICI Bank Ltd (Bahrain Branch) on December 28 2006

Construation major DSC Ltd (DS Construction Ltd) which bagged several road and

railway projects including the Delhi-Gurgaon Expressway obtained a loan of $135

million from ICICI Bank in 2006 Of this $100 million was disbursed within 20 days

of the agreement according to records of offshore legal firm Appleby

DSC Ltd later defaulted on loan repayment and Appleby documents show that ICICI

Bank took the advice of the legal firm on the outstanding loan amount mdash it was

settled in 2016 DSC Ltd was incorporated on October 13 1978 to acquire the

businesses of Ms Thakur Enterprises New Delhi and Ms DS Narula amp Company

New Delhi At the time it was being incorporated Darshan Singh Narula and his

four sons mdash Balbir Singh Varinder Singh Narinder Singh and Harpinder Singh mdash

were its shareholders

X

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 312

According to documents with Appleby Elsingham-DSC Mauritius Private Ltd one of

the holding companies of DSC Ltd borrowed $135 million from ICICI Bank Ltd on

December 26 2006 Of this $35 million was disbursed on December 29 2006 $10

million on January 9 2007 and $55 million on January 16 2007 In all records

show $100 million was disbursed within 20 days of the agreement

Records show that a Non-Disposal Undertaking (NDU) was signed in New Delhi

between H S Narula Elsingham Holdings Ltd and ICICI Bank Ltd (Bahrain Branch)

on December 28 2006 Another NDU was signed in New Delhi between British

Virgin Islands-based Alphamatic Investments Ltd Delhi Gurgaon Super

Connectivity Ltd and ICICI Bank Ltd (Bahrain Branch) on December 28 2006

Elsingham Holdings Ltd signed a Power of Attorney in Port Louis Mauritius in

favour of ICICI Bank Ltd (Bahrain Branch) on December 27 2006

A Lendersrsquo Agreement was signed on March 17 2007 between ICICI Bank UK PLC

and ICICI Bank Ltd (Bahrain Branch) It stated that ICICI Bank Ltd (Singapore

Branch) was Arranger Standard Bank (Mauritius) the Mauritian Security Agent and

ICICI Bank Ltd (Bahrain Branch) the Facility Agent The Depository Participant for

the $135 million loan was Alankit Assignments a Delhi-based company

There was also an Amendment Agreement dated April 3 2007 between Elsingham

DSC Mauritius Private Ltd (Borrower) Elsingham Holdings Ltd Elsingham Holdings

Mauritius Ltd DS Constructions Ltd H S Narula (Coventantors) and ICICI Bank Ltd

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 412

Bahrain Branch (as Facility Agent) in relation to the $135 million loan agreement

dated December 28 2006

But when a problem arose in loan repayment ICICI Bank began consulting Appleby

on the issue On February 7 2011 records show Abhijeet Das of ICICI Bank wrote to

Deep Roy of Economic Laws Practice to ldquoengagerdquo him for ldquoconducting a review of

certain documentshelliprdquo

ICICI Bank requested him to ldquoconduct a review of the documents with regard to

Facility Agreement and the various security agreements and to confirm to ICICI

Bank the enforceability of the various securitiescontractual comforts and to clearly

indicate the steps required to enforce such securitycontractual comforts in case of

an event of default under the financing documentsrdquo

SEE PHOTOS | Paradise Papers Here are the Indians on the list

Das made another request ldquoIssue a memorandum incorporating the views of the

counsel in such other jurisdictions (as may be required) regarding the

enforceability of the above mentioned security contractual comforts and the steps

to be taken for enforcement of such securityrdquo

Records show that two days later mdash February 9 2011 mdash Roy wrote to Matthew

Stocker of Appleby ldquoWe have received a request for a fee quote from ICICI Bank

Limited for a loan documentation review for two existing loan transactions and for

preparation of a memorandum with the details of the enforcement steps in case of

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 512

an event of defaulthellip Borrower is Elsingham DSC Mauritius Private Ltd Elsingham

Holdings Mauritius Ltd (EHML which holds 90 per cent of the shareholding of the

borrower) and Elsingham Holdings Ltd (EHL a BVI company which holds 100 per

cent of EHML) have provided corporate guaranteeshelliprdquo

Also Read | 714 Indians in PAradise Papers

Accordingly Appleby sent a three-page Memorandum to ICICI Bank Ltd NBCC

Place New Delhi on May 4 2011 It stated ldquoIt is not necessary in order to ensure the

legality validity enforceability or admissibility in evidence in proceedings of the

obligations of the BVI Shareholder under the Subject Agreements that the Subject

Agreements or any other document be notarised filed registered or recorded in the

British Virgin Islandsrdquo

Appleby quoted a Reciprocal Enforcement of Judgments Act 1922 and advised

among other things that a judgment may be registered under the Act where ldquothe

foreign court had jurisdiction in the matter and the BVI Shareholder either

submitted to such jurisdiction or was resident or carrying on business within such

jurisdiction and was duly served with processrdquo

For this memorandum Appleby sent ICICI Bank Ltd NBCC Place New Delhi an

invoice for $302641 on January 26 2012 This invoice was for ldquoprofessional

servicesrdquo provided by Appleby to ICICI with regard to ldquoreview of the documentsrdquo

Facility Agreement Elsingham Holdings Ltd HS Narula Alphamatic Investment

Ltd etc

RESPONSE from DSC

DSC Ltdrsquos director Narinder Singh Narula said ldquoH S Narula is a British Citizen and is

holding a British Passport His investments are governed by British Laws He does

not have any income in India Except for owning 10 shares ie 2500 shares of US$

01 each (Rs 112200) of Elsingham DSC Mauritius (Pvt) Ltd DSC Limited does not

own any assets or Companies anywhere outside India Subsequent to Demerger

these 2500 shares are presently owned by DSC Engineering (Pvt) Ltd

EXPLAINED Why the Paradise Papers matter

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 612

ldquoDSC Limited has not taken any loan from any Bank outside India including any

Indian banks in Bahrain and Mauritius H S Narula who is a British Citizen has no

directindirect roleinterest in Elsingham DSC Mauritius Private Limited

Alphamatic Investment Limited Elsingham Holding Limited and Apollo

Enterprises Balbir Singh Narula is a Director of Apollo Enterprises Limited

However he does not have any Shareholding andor investment in Apollo

Enterprises Besides aforementioned none of the other Narula family has any

roleinterest in above stated Companies

ldquoElsingham DSC Mauritius Private Limited (previously known as Alphamatic

Investments (Mauritius) Limited) was never a Holding Company of DSC Limited

Previously Elsingham Holdings Mauritius Limited was the holding Company

however presently Apollo Enterprises Ltd is the Holding Company US $135 million

loan was granted by ICICI Bank-Bahrain Singapore amp UK branches to Elsingham

DSC Mauritius (Pvt) Ltd for the purposes of investment in the Infrastructure

ProjectsCompanies in India The said loan amount was invested by Elsingham DSC

Mauritius (Pvt) Ltd in the Optionally Convertible Debentures (OCD) of DSC Limited

DSC Limited have as on date already redeemed 97 of the said OCDs and now 03

is only balance

ldquoThe entire loan of ICICI Bank has been settled by Elsingham DSC Mauritius (Pvt)

Ltd and as on date there is no outstandings whatsoever towards ICICI Bank The

investment in 2500 shares of Elsingham DSC Mauritius (Pvt) Ltd has been duly

reported to RBI through Authorized Dealer Bank by DSC Limited vide letter dated

15122006

ldquoAs regards OCD reporting to RBI the same was duly done and the RBI had

confirmed the same vide its order dated 2172010 DSC Limited have duly reported

the investment of 2500 shares and aforesaid OCD is in its Returns and Balance

Sheets to all Authorities including Income Tax Department H S Narula does not

have any income from India thus he is not required to file any Income Tax Return

in Indiardquo

Click here for full coverage on Paradise Papers

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 712

TAGS Paradise Papers

For all the latest India News download Indian Express App

Snapweb | Sponsored

Diwali Bumper Sale - Flat 80 off on Rolex Watches Sale EndsToday

Amity Online | Sponsored

Beautiful Homes | Sponsored

Digital Marketing Strategy Course Lead future Digital Teams

Ideas For A Spacious And Airy Living Room

Magic Crate | Sponsored

Simple Activities to Make Your 2-14 Year Old Kid Smart andCreative

IndianExpress

IndianExpress

Idols amp Idol Makers of CR Park

India vs England 4th Test Moeen Ali spins England to series win

100 Pure New Zealand | Sponsored

Plan your NZ holiday with Singapore Airlines

IndianExpress

Sonam Kapoorrsquos wedding reception Kareena Kapoor Vidya Balan andKangana Ranaut among others attend the bash

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 812

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

IndianExpress

Andy Rubinrsquos startup Essential cuts about 30 per cent of employees

100 Pure New Zealand | Sponsored

Begin your NZ adventure with Air New Zealand

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 2: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 212

Records show that a Non-Disposal Undertaking (NDU) was signed in New Delhi between H S NarulaElsingham Holdings Ltd and ICICI Bank Ltd (Bahrain Branch) on December 28 2006

Construation major DSC Ltd (DS Construction Ltd) which bagged several road and

railway projects including the Delhi-Gurgaon Expressway obtained a loan of $135

million from ICICI Bank in 2006 Of this $100 million was disbursed within 20 days

of the agreement according to records of offshore legal firm Appleby

DSC Ltd later defaulted on loan repayment and Appleby documents show that ICICI

Bank took the advice of the legal firm on the outstanding loan amount mdash it was

settled in 2016 DSC Ltd was incorporated on October 13 1978 to acquire the

businesses of Ms Thakur Enterprises New Delhi and Ms DS Narula amp Company

New Delhi At the time it was being incorporated Darshan Singh Narula and his

four sons mdash Balbir Singh Varinder Singh Narinder Singh and Harpinder Singh mdash

were its shareholders

X

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 312

According to documents with Appleby Elsingham-DSC Mauritius Private Ltd one of

the holding companies of DSC Ltd borrowed $135 million from ICICI Bank Ltd on

December 26 2006 Of this $35 million was disbursed on December 29 2006 $10

million on January 9 2007 and $55 million on January 16 2007 In all records

show $100 million was disbursed within 20 days of the agreement

Records show that a Non-Disposal Undertaking (NDU) was signed in New Delhi

between H S Narula Elsingham Holdings Ltd and ICICI Bank Ltd (Bahrain Branch)

on December 28 2006 Another NDU was signed in New Delhi between British

Virgin Islands-based Alphamatic Investments Ltd Delhi Gurgaon Super

Connectivity Ltd and ICICI Bank Ltd (Bahrain Branch) on December 28 2006

Elsingham Holdings Ltd signed a Power of Attorney in Port Louis Mauritius in

favour of ICICI Bank Ltd (Bahrain Branch) on December 27 2006

A Lendersrsquo Agreement was signed on March 17 2007 between ICICI Bank UK PLC

and ICICI Bank Ltd (Bahrain Branch) It stated that ICICI Bank Ltd (Singapore

Branch) was Arranger Standard Bank (Mauritius) the Mauritian Security Agent and

ICICI Bank Ltd (Bahrain Branch) the Facility Agent The Depository Participant for

the $135 million loan was Alankit Assignments a Delhi-based company

There was also an Amendment Agreement dated April 3 2007 between Elsingham

DSC Mauritius Private Ltd (Borrower) Elsingham Holdings Ltd Elsingham Holdings

Mauritius Ltd DS Constructions Ltd H S Narula (Coventantors) and ICICI Bank Ltd

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 412

Bahrain Branch (as Facility Agent) in relation to the $135 million loan agreement

dated December 28 2006

But when a problem arose in loan repayment ICICI Bank began consulting Appleby

on the issue On February 7 2011 records show Abhijeet Das of ICICI Bank wrote to

Deep Roy of Economic Laws Practice to ldquoengagerdquo him for ldquoconducting a review of

certain documentshelliprdquo

ICICI Bank requested him to ldquoconduct a review of the documents with regard to

Facility Agreement and the various security agreements and to confirm to ICICI

Bank the enforceability of the various securitiescontractual comforts and to clearly

indicate the steps required to enforce such securitycontractual comforts in case of

an event of default under the financing documentsrdquo

SEE PHOTOS | Paradise Papers Here are the Indians on the list

Das made another request ldquoIssue a memorandum incorporating the views of the

counsel in such other jurisdictions (as may be required) regarding the

enforceability of the above mentioned security contractual comforts and the steps

to be taken for enforcement of such securityrdquo

Records show that two days later mdash February 9 2011 mdash Roy wrote to Matthew

Stocker of Appleby ldquoWe have received a request for a fee quote from ICICI Bank

Limited for a loan documentation review for two existing loan transactions and for

preparation of a memorandum with the details of the enforcement steps in case of

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 512

an event of defaulthellip Borrower is Elsingham DSC Mauritius Private Ltd Elsingham

Holdings Mauritius Ltd (EHML which holds 90 per cent of the shareholding of the

borrower) and Elsingham Holdings Ltd (EHL a BVI company which holds 100 per

cent of EHML) have provided corporate guaranteeshelliprdquo

Also Read | 714 Indians in PAradise Papers

Accordingly Appleby sent a three-page Memorandum to ICICI Bank Ltd NBCC

Place New Delhi on May 4 2011 It stated ldquoIt is not necessary in order to ensure the

legality validity enforceability or admissibility in evidence in proceedings of the

obligations of the BVI Shareholder under the Subject Agreements that the Subject

Agreements or any other document be notarised filed registered or recorded in the

British Virgin Islandsrdquo

Appleby quoted a Reciprocal Enforcement of Judgments Act 1922 and advised

among other things that a judgment may be registered under the Act where ldquothe

foreign court had jurisdiction in the matter and the BVI Shareholder either

submitted to such jurisdiction or was resident or carrying on business within such

jurisdiction and was duly served with processrdquo

For this memorandum Appleby sent ICICI Bank Ltd NBCC Place New Delhi an

invoice for $302641 on January 26 2012 This invoice was for ldquoprofessional

servicesrdquo provided by Appleby to ICICI with regard to ldquoreview of the documentsrdquo

Facility Agreement Elsingham Holdings Ltd HS Narula Alphamatic Investment

Ltd etc

RESPONSE from DSC

DSC Ltdrsquos director Narinder Singh Narula said ldquoH S Narula is a British Citizen and is

holding a British Passport His investments are governed by British Laws He does

not have any income in India Except for owning 10 shares ie 2500 shares of US$

01 each (Rs 112200) of Elsingham DSC Mauritius (Pvt) Ltd DSC Limited does not

own any assets or Companies anywhere outside India Subsequent to Demerger

these 2500 shares are presently owned by DSC Engineering (Pvt) Ltd

EXPLAINED Why the Paradise Papers matter

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 612

ldquoDSC Limited has not taken any loan from any Bank outside India including any

Indian banks in Bahrain and Mauritius H S Narula who is a British Citizen has no

directindirect roleinterest in Elsingham DSC Mauritius Private Limited

Alphamatic Investment Limited Elsingham Holding Limited and Apollo

Enterprises Balbir Singh Narula is a Director of Apollo Enterprises Limited

However he does not have any Shareholding andor investment in Apollo

Enterprises Besides aforementioned none of the other Narula family has any

roleinterest in above stated Companies

ldquoElsingham DSC Mauritius Private Limited (previously known as Alphamatic

Investments (Mauritius) Limited) was never a Holding Company of DSC Limited

Previously Elsingham Holdings Mauritius Limited was the holding Company

however presently Apollo Enterprises Ltd is the Holding Company US $135 million

loan was granted by ICICI Bank-Bahrain Singapore amp UK branches to Elsingham

DSC Mauritius (Pvt) Ltd for the purposes of investment in the Infrastructure

ProjectsCompanies in India The said loan amount was invested by Elsingham DSC

Mauritius (Pvt) Ltd in the Optionally Convertible Debentures (OCD) of DSC Limited

DSC Limited have as on date already redeemed 97 of the said OCDs and now 03

is only balance

ldquoThe entire loan of ICICI Bank has been settled by Elsingham DSC Mauritius (Pvt)

Ltd and as on date there is no outstandings whatsoever towards ICICI Bank The

investment in 2500 shares of Elsingham DSC Mauritius (Pvt) Ltd has been duly

reported to RBI through Authorized Dealer Bank by DSC Limited vide letter dated

15122006

ldquoAs regards OCD reporting to RBI the same was duly done and the RBI had

confirmed the same vide its order dated 2172010 DSC Limited have duly reported

the investment of 2500 shares and aforesaid OCD is in its Returns and Balance

Sheets to all Authorities including Income Tax Department H S Narula does not

have any income from India thus he is not required to file any Income Tax Return

in Indiardquo

Click here for full coverage on Paradise Papers

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 712

TAGS Paradise Papers

For all the latest India News download Indian Express App

Snapweb | Sponsored

Diwali Bumper Sale - Flat 80 off on Rolex Watches Sale EndsToday

Amity Online | Sponsored

Beautiful Homes | Sponsored

Digital Marketing Strategy Course Lead future Digital Teams

Ideas For A Spacious And Airy Living Room

Magic Crate | Sponsored

Simple Activities to Make Your 2-14 Year Old Kid Smart andCreative

IndianExpress

IndianExpress

Idols amp Idol Makers of CR Park

India vs England 4th Test Moeen Ali spins England to series win

100 Pure New Zealand | Sponsored

Plan your NZ holiday with Singapore Airlines

IndianExpress

Sonam Kapoorrsquos wedding reception Kareena Kapoor Vidya Balan andKangana Ranaut among others attend the bash

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 812

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

IndianExpress

Andy Rubinrsquos startup Essential cuts about 30 per cent of employees

100 Pure New Zealand | Sponsored

Begin your NZ adventure with Air New Zealand

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 3: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 312

According to documents with Appleby Elsingham-DSC Mauritius Private Ltd one of

the holding companies of DSC Ltd borrowed $135 million from ICICI Bank Ltd on

December 26 2006 Of this $35 million was disbursed on December 29 2006 $10

million on January 9 2007 and $55 million on January 16 2007 In all records

show $100 million was disbursed within 20 days of the agreement

Records show that a Non-Disposal Undertaking (NDU) was signed in New Delhi

between H S Narula Elsingham Holdings Ltd and ICICI Bank Ltd (Bahrain Branch)

on December 28 2006 Another NDU was signed in New Delhi between British

Virgin Islands-based Alphamatic Investments Ltd Delhi Gurgaon Super

Connectivity Ltd and ICICI Bank Ltd (Bahrain Branch) on December 28 2006

Elsingham Holdings Ltd signed a Power of Attorney in Port Louis Mauritius in

favour of ICICI Bank Ltd (Bahrain Branch) on December 27 2006

A Lendersrsquo Agreement was signed on March 17 2007 between ICICI Bank UK PLC

and ICICI Bank Ltd (Bahrain Branch) It stated that ICICI Bank Ltd (Singapore

Branch) was Arranger Standard Bank (Mauritius) the Mauritian Security Agent and

ICICI Bank Ltd (Bahrain Branch) the Facility Agent The Depository Participant for

the $135 million loan was Alankit Assignments a Delhi-based company

There was also an Amendment Agreement dated April 3 2007 between Elsingham

DSC Mauritius Private Ltd (Borrower) Elsingham Holdings Ltd Elsingham Holdings

Mauritius Ltd DS Constructions Ltd H S Narula (Coventantors) and ICICI Bank Ltd

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 412

Bahrain Branch (as Facility Agent) in relation to the $135 million loan agreement

dated December 28 2006

But when a problem arose in loan repayment ICICI Bank began consulting Appleby

on the issue On February 7 2011 records show Abhijeet Das of ICICI Bank wrote to

Deep Roy of Economic Laws Practice to ldquoengagerdquo him for ldquoconducting a review of

certain documentshelliprdquo

ICICI Bank requested him to ldquoconduct a review of the documents with regard to

Facility Agreement and the various security agreements and to confirm to ICICI

Bank the enforceability of the various securitiescontractual comforts and to clearly

indicate the steps required to enforce such securitycontractual comforts in case of

an event of default under the financing documentsrdquo

SEE PHOTOS | Paradise Papers Here are the Indians on the list

Das made another request ldquoIssue a memorandum incorporating the views of the

counsel in such other jurisdictions (as may be required) regarding the

enforceability of the above mentioned security contractual comforts and the steps

to be taken for enforcement of such securityrdquo

Records show that two days later mdash February 9 2011 mdash Roy wrote to Matthew

Stocker of Appleby ldquoWe have received a request for a fee quote from ICICI Bank

Limited for a loan documentation review for two existing loan transactions and for

preparation of a memorandum with the details of the enforcement steps in case of

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 512

an event of defaulthellip Borrower is Elsingham DSC Mauritius Private Ltd Elsingham

Holdings Mauritius Ltd (EHML which holds 90 per cent of the shareholding of the

borrower) and Elsingham Holdings Ltd (EHL a BVI company which holds 100 per

cent of EHML) have provided corporate guaranteeshelliprdquo

Also Read | 714 Indians in PAradise Papers

Accordingly Appleby sent a three-page Memorandum to ICICI Bank Ltd NBCC

Place New Delhi on May 4 2011 It stated ldquoIt is not necessary in order to ensure the

legality validity enforceability or admissibility in evidence in proceedings of the

obligations of the BVI Shareholder under the Subject Agreements that the Subject

Agreements or any other document be notarised filed registered or recorded in the

British Virgin Islandsrdquo

Appleby quoted a Reciprocal Enforcement of Judgments Act 1922 and advised

among other things that a judgment may be registered under the Act where ldquothe

foreign court had jurisdiction in the matter and the BVI Shareholder either

submitted to such jurisdiction or was resident or carrying on business within such

jurisdiction and was duly served with processrdquo

For this memorandum Appleby sent ICICI Bank Ltd NBCC Place New Delhi an

invoice for $302641 on January 26 2012 This invoice was for ldquoprofessional

servicesrdquo provided by Appleby to ICICI with regard to ldquoreview of the documentsrdquo

Facility Agreement Elsingham Holdings Ltd HS Narula Alphamatic Investment

Ltd etc

RESPONSE from DSC

DSC Ltdrsquos director Narinder Singh Narula said ldquoH S Narula is a British Citizen and is

holding a British Passport His investments are governed by British Laws He does

not have any income in India Except for owning 10 shares ie 2500 shares of US$

01 each (Rs 112200) of Elsingham DSC Mauritius (Pvt) Ltd DSC Limited does not

own any assets or Companies anywhere outside India Subsequent to Demerger

these 2500 shares are presently owned by DSC Engineering (Pvt) Ltd

EXPLAINED Why the Paradise Papers matter

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 612

ldquoDSC Limited has not taken any loan from any Bank outside India including any

Indian banks in Bahrain and Mauritius H S Narula who is a British Citizen has no

directindirect roleinterest in Elsingham DSC Mauritius Private Limited

Alphamatic Investment Limited Elsingham Holding Limited and Apollo

Enterprises Balbir Singh Narula is a Director of Apollo Enterprises Limited

However he does not have any Shareholding andor investment in Apollo

Enterprises Besides aforementioned none of the other Narula family has any

roleinterest in above stated Companies

ldquoElsingham DSC Mauritius Private Limited (previously known as Alphamatic

Investments (Mauritius) Limited) was never a Holding Company of DSC Limited

Previously Elsingham Holdings Mauritius Limited was the holding Company

however presently Apollo Enterprises Ltd is the Holding Company US $135 million

loan was granted by ICICI Bank-Bahrain Singapore amp UK branches to Elsingham

DSC Mauritius (Pvt) Ltd for the purposes of investment in the Infrastructure

ProjectsCompanies in India The said loan amount was invested by Elsingham DSC

Mauritius (Pvt) Ltd in the Optionally Convertible Debentures (OCD) of DSC Limited

DSC Limited have as on date already redeemed 97 of the said OCDs and now 03

is only balance

ldquoThe entire loan of ICICI Bank has been settled by Elsingham DSC Mauritius (Pvt)

Ltd and as on date there is no outstandings whatsoever towards ICICI Bank The

investment in 2500 shares of Elsingham DSC Mauritius (Pvt) Ltd has been duly

reported to RBI through Authorized Dealer Bank by DSC Limited vide letter dated

15122006

ldquoAs regards OCD reporting to RBI the same was duly done and the RBI had

confirmed the same vide its order dated 2172010 DSC Limited have duly reported

the investment of 2500 shares and aforesaid OCD is in its Returns and Balance

Sheets to all Authorities including Income Tax Department H S Narula does not

have any income from India thus he is not required to file any Income Tax Return

in Indiardquo

Click here for full coverage on Paradise Papers

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 712

TAGS Paradise Papers

For all the latest India News download Indian Express App

Snapweb | Sponsored

Diwali Bumper Sale - Flat 80 off on Rolex Watches Sale EndsToday

Amity Online | Sponsored

Beautiful Homes | Sponsored

Digital Marketing Strategy Course Lead future Digital Teams

Ideas For A Spacious And Airy Living Room

Magic Crate | Sponsored

Simple Activities to Make Your 2-14 Year Old Kid Smart andCreative

IndianExpress

IndianExpress

Idols amp Idol Makers of CR Park

India vs England 4th Test Moeen Ali spins England to series win

100 Pure New Zealand | Sponsored

Plan your NZ holiday with Singapore Airlines

IndianExpress

Sonam Kapoorrsquos wedding reception Kareena Kapoor Vidya Balan andKangana Ranaut among others attend the bash

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 812

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

IndianExpress

Andy Rubinrsquos startup Essential cuts about 30 per cent of employees

100 Pure New Zealand | Sponsored

Begin your NZ adventure with Air New Zealand

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 4: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 412

Bahrain Branch (as Facility Agent) in relation to the $135 million loan agreement

dated December 28 2006

But when a problem arose in loan repayment ICICI Bank began consulting Appleby

on the issue On February 7 2011 records show Abhijeet Das of ICICI Bank wrote to

Deep Roy of Economic Laws Practice to ldquoengagerdquo him for ldquoconducting a review of

certain documentshelliprdquo

ICICI Bank requested him to ldquoconduct a review of the documents with regard to

Facility Agreement and the various security agreements and to confirm to ICICI

Bank the enforceability of the various securitiescontractual comforts and to clearly

indicate the steps required to enforce such securitycontractual comforts in case of

an event of default under the financing documentsrdquo

SEE PHOTOS | Paradise Papers Here are the Indians on the list

Das made another request ldquoIssue a memorandum incorporating the views of the

counsel in such other jurisdictions (as may be required) regarding the

enforceability of the above mentioned security contractual comforts and the steps

to be taken for enforcement of such securityrdquo

Records show that two days later mdash February 9 2011 mdash Roy wrote to Matthew

Stocker of Appleby ldquoWe have received a request for a fee quote from ICICI Bank

Limited for a loan documentation review for two existing loan transactions and for

preparation of a memorandum with the details of the enforcement steps in case of

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 512

an event of defaulthellip Borrower is Elsingham DSC Mauritius Private Ltd Elsingham

Holdings Mauritius Ltd (EHML which holds 90 per cent of the shareholding of the

borrower) and Elsingham Holdings Ltd (EHL a BVI company which holds 100 per

cent of EHML) have provided corporate guaranteeshelliprdquo

Also Read | 714 Indians in PAradise Papers

Accordingly Appleby sent a three-page Memorandum to ICICI Bank Ltd NBCC

Place New Delhi on May 4 2011 It stated ldquoIt is not necessary in order to ensure the

legality validity enforceability or admissibility in evidence in proceedings of the

obligations of the BVI Shareholder under the Subject Agreements that the Subject

Agreements or any other document be notarised filed registered or recorded in the

British Virgin Islandsrdquo

Appleby quoted a Reciprocal Enforcement of Judgments Act 1922 and advised

among other things that a judgment may be registered under the Act where ldquothe

foreign court had jurisdiction in the matter and the BVI Shareholder either

submitted to such jurisdiction or was resident or carrying on business within such

jurisdiction and was duly served with processrdquo

For this memorandum Appleby sent ICICI Bank Ltd NBCC Place New Delhi an

invoice for $302641 on January 26 2012 This invoice was for ldquoprofessional

servicesrdquo provided by Appleby to ICICI with regard to ldquoreview of the documentsrdquo

Facility Agreement Elsingham Holdings Ltd HS Narula Alphamatic Investment

Ltd etc

RESPONSE from DSC

DSC Ltdrsquos director Narinder Singh Narula said ldquoH S Narula is a British Citizen and is

holding a British Passport His investments are governed by British Laws He does

not have any income in India Except for owning 10 shares ie 2500 shares of US$

01 each (Rs 112200) of Elsingham DSC Mauritius (Pvt) Ltd DSC Limited does not

own any assets or Companies anywhere outside India Subsequent to Demerger

these 2500 shares are presently owned by DSC Engineering (Pvt) Ltd

EXPLAINED Why the Paradise Papers matter

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 612

ldquoDSC Limited has not taken any loan from any Bank outside India including any

Indian banks in Bahrain and Mauritius H S Narula who is a British Citizen has no

directindirect roleinterest in Elsingham DSC Mauritius Private Limited

Alphamatic Investment Limited Elsingham Holding Limited and Apollo

Enterprises Balbir Singh Narula is a Director of Apollo Enterprises Limited

However he does not have any Shareholding andor investment in Apollo

Enterprises Besides aforementioned none of the other Narula family has any

roleinterest in above stated Companies

ldquoElsingham DSC Mauritius Private Limited (previously known as Alphamatic

Investments (Mauritius) Limited) was never a Holding Company of DSC Limited

Previously Elsingham Holdings Mauritius Limited was the holding Company

however presently Apollo Enterprises Ltd is the Holding Company US $135 million

loan was granted by ICICI Bank-Bahrain Singapore amp UK branches to Elsingham

DSC Mauritius (Pvt) Ltd for the purposes of investment in the Infrastructure

ProjectsCompanies in India The said loan amount was invested by Elsingham DSC

Mauritius (Pvt) Ltd in the Optionally Convertible Debentures (OCD) of DSC Limited

DSC Limited have as on date already redeemed 97 of the said OCDs and now 03

is only balance

ldquoThe entire loan of ICICI Bank has been settled by Elsingham DSC Mauritius (Pvt)

Ltd and as on date there is no outstandings whatsoever towards ICICI Bank The

investment in 2500 shares of Elsingham DSC Mauritius (Pvt) Ltd has been duly

reported to RBI through Authorized Dealer Bank by DSC Limited vide letter dated

15122006

ldquoAs regards OCD reporting to RBI the same was duly done and the RBI had

confirmed the same vide its order dated 2172010 DSC Limited have duly reported

the investment of 2500 shares and aforesaid OCD is in its Returns and Balance

Sheets to all Authorities including Income Tax Department H S Narula does not

have any income from India thus he is not required to file any Income Tax Return

in Indiardquo

Click here for full coverage on Paradise Papers

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 712

TAGS Paradise Papers

For all the latest India News download Indian Express App

Snapweb | Sponsored

Diwali Bumper Sale - Flat 80 off on Rolex Watches Sale EndsToday

Amity Online | Sponsored

Beautiful Homes | Sponsored

Digital Marketing Strategy Course Lead future Digital Teams

Ideas For A Spacious And Airy Living Room

Magic Crate | Sponsored

Simple Activities to Make Your 2-14 Year Old Kid Smart andCreative

IndianExpress

IndianExpress

Idols amp Idol Makers of CR Park

India vs England 4th Test Moeen Ali spins England to series win

100 Pure New Zealand | Sponsored

Plan your NZ holiday with Singapore Airlines

IndianExpress

Sonam Kapoorrsquos wedding reception Kareena Kapoor Vidya Balan andKangana Ranaut among others attend the bash

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 812

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

IndianExpress

Andy Rubinrsquos startup Essential cuts about 30 per cent of employees

100 Pure New Zealand | Sponsored

Begin your NZ adventure with Air New Zealand

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 5: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 512

an event of defaulthellip Borrower is Elsingham DSC Mauritius Private Ltd Elsingham

Holdings Mauritius Ltd (EHML which holds 90 per cent of the shareholding of the

borrower) and Elsingham Holdings Ltd (EHL a BVI company which holds 100 per

cent of EHML) have provided corporate guaranteeshelliprdquo

Also Read | 714 Indians in PAradise Papers

Accordingly Appleby sent a three-page Memorandum to ICICI Bank Ltd NBCC

Place New Delhi on May 4 2011 It stated ldquoIt is not necessary in order to ensure the

legality validity enforceability or admissibility in evidence in proceedings of the

obligations of the BVI Shareholder under the Subject Agreements that the Subject

Agreements or any other document be notarised filed registered or recorded in the

British Virgin Islandsrdquo

Appleby quoted a Reciprocal Enforcement of Judgments Act 1922 and advised

among other things that a judgment may be registered under the Act where ldquothe

foreign court had jurisdiction in the matter and the BVI Shareholder either

submitted to such jurisdiction or was resident or carrying on business within such

jurisdiction and was duly served with processrdquo

For this memorandum Appleby sent ICICI Bank Ltd NBCC Place New Delhi an

invoice for $302641 on January 26 2012 This invoice was for ldquoprofessional

servicesrdquo provided by Appleby to ICICI with regard to ldquoreview of the documentsrdquo

Facility Agreement Elsingham Holdings Ltd HS Narula Alphamatic Investment

Ltd etc

RESPONSE from DSC

DSC Ltdrsquos director Narinder Singh Narula said ldquoH S Narula is a British Citizen and is

holding a British Passport His investments are governed by British Laws He does

not have any income in India Except for owning 10 shares ie 2500 shares of US$

01 each (Rs 112200) of Elsingham DSC Mauritius (Pvt) Ltd DSC Limited does not

own any assets or Companies anywhere outside India Subsequent to Demerger

these 2500 shares are presently owned by DSC Engineering (Pvt) Ltd

EXPLAINED Why the Paradise Papers matter

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 612

ldquoDSC Limited has not taken any loan from any Bank outside India including any

Indian banks in Bahrain and Mauritius H S Narula who is a British Citizen has no

directindirect roleinterest in Elsingham DSC Mauritius Private Limited

Alphamatic Investment Limited Elsingham Holding Limited and Apollo

Enterprises Balbir Singh Narula is a Director of Apollo Enterprises Limited

However he does not have any Shareholding andor investment in Apollo

Enterprises Besides aforementioned none of the other Narula family has any

roleinterest in above stated Companies

ldquoElsingham DSC Mauritius Private Limited (previously known as Alphamatic

Investments (Mauritius) Limited) was never a Holding Company of DSC Limited

Previously Elsingham Holdings Mauritius Limited was the holding Company

however presently Apollo Enterprises Ltd is the Holding Company US $135 million

loan was granted by ICICI Bank-Bahrain Singapore amp UK branches to Elsingham

DSC Mauritius (Pvt) Ltd for the purposes of investment in the Infrastructure

ProjectsCompanies in India The said loan amount was invested by Elsingham DSC

Mauritius (Pvt) Ltd in the Optionally Convertible Debentures (OCD) of DSC Limited

DSC Limited have as on date already redeemed 97 of the said OCDs and now 03

is only balance

ldquoThe entire loan of ICICI Bank has been settled by Elsingham DSC Mauritius (Pvt)

Ltd and as on date there is no outstandings whatsoever towards ICICI Bank The

investment in 2500 shares of Elsingham DSC Mauritius (Pvt) Ltd has been duly

reported to RBI through Authorized Dealer Bank by DSC Limited vide letter dated

15122006

ldquoAs regards OCD reporting to RBI the same was duly done and the RBI had

confirmed the same vide its order dated 2172010 DSC Limited have duly reported

the investment of 2500 shares and aforesaid OCD is in its Returns and Balance

Sheets to all Authorities including Income Tax Department H S Narula does not

have any income from India thus he is not required to file any Income Tax Return

in Indiardquo

Click here for full coverage on Paradise Papers

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 712

TAGS Paradise Papers

For all the latest India News download Indian Express App

Snapweb | Sponsored

Diwali Bumper Sale - Flat 80 off on Rolex Watches Sale EndsToday

Amity Online | Sponsored

Beautiful Homes | Sponsored

Digital Marketing Strategy Course Lead future Digital Teams

Ideas For A Spacious And Airy Living Room

Magic Crate | Sponsored

Simple Activities to Make Your 2-14 Year Old Kid Smart andCreative

IndianExpress

IndianExpress

Idols amp Idol Makers of CR Park

India vs England 4th Test Moeen Ali spins England to series win

100 Pure New Zealand | Sponsored

Plan your NZ holiday with Singapore Airlines

IndianExpress

Sonam Kapoorrsquos wedding reception Kareena Kapoor Vidya Balan andKangana Ranaut among others attend the bash

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 812

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

IndianExpress

Andy Rubinrsquos startup Essential cuts about 30 per cent of employees

100 Pure New Zealand | Sponsored

Begin your NZ adventure with Air New Zealand

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 6: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 612

ldquoDSC Limited has not taken any loan from any Bank outside India including any

Indian banks in Bahrain and Mauritius H S Narula who is a British Citizen has no

directindirect roleinterest in Elsingham DSC Mauritius Private Limited

Alphamatic Investment Limited Elsingham Holding Limited and Apollo

Enterprises Balbir Singh Narula is a Director of Apollo Enterprises Limited

However he does not have any Shareholding andor investment in Apollo

Enterprises Besides aforementioned none of the other Narula family has any

roleinterest in above stated Companies

ldquoElsingham DSC Mauritius Private Limited (previously known as Alphamatic

Investments (Mauritius) Limited) was never a Holding Company of DSC Limited

Previously Elsingham Holdings Mauritius Limited was the holding Company

however presently Apollo Enterprises Ltd is the Holding Company US $135 million

loan was granted by ICICI Bank-Bahrain Singapore amp UK branches to Elsingham

DSC Mauritius (Pvt) Ltd for the purposes of investment in the Infrastructure

ProjectsCompanies in India The said loan amount was invested by Elsingham DSC

Mauritius (Pvt) Ltd in the Optionally Convertible Debentures (OCD) of DSC Limited

DSC Limited have as on date already redeemed 97 of the said OCDs and now 03

is only balance

ldquoThe entire loan of ICICI Bank has been settled by Elsingham DSC Mauritius (Pvt)

Ltd and as on date there is no outstandings whatsoever towards ICICI Bank The

investment in 2500 shares of Elsingham DSC Mauritius (Pvt) Ltd has been duly

reported to RBI through Authorized Dealer Bank by DSC Limited vide letter dated

15122006

ldquoAs regards OCD reporting to RBI the same was duly done and the RBI had

confirmed the same vide its order dated 2172010 DSC Limited have duly reported

the investment of 2500 shares and aforesaid OCD is in its Returns and Balance

Sheets to all Authorities including Income Tax Department H S Narula does not

have any income from India thus he is not required to file any Income Tax Return

in Indiardquo

Click here for full coverage on Paradise Papers

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 712

TAGS Paradise Papers

For all the latest India News download Indian Express App

Snapweb | Sponsored

Diwali Bumper Sale - Flat 80 off on Rolex Watches Sale EndsToday

Amity Online | Sponsored

Beautiful Homes | Sponsored

Digital Marketing Strategy Course Lead future Digital Teams

Ideas For A Spacious And Airy Living Room

Magic Crate | Sponsored

Simple Activities to Make Your 2-14 Year Old Kid Smart andCreative

IndianExpress

IndianExpress

Idols amp Idol Makers of CR Park

India vs England 4th Test Moeen Ali spins England to series win

100 Pure New Zealand | Sponsored

Plan your NZ holiday with Singapore Airlines

IndianExpress

Sonam Kapoorrsquos wedding reception Kareena Kapoor Vidya Balan andKangana Ranaut among others attend the bash

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 812

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

IndianExpress

Andy Rubinrsquos startup Essential cuts about 30 per cent of employees

100 Pure New Zealand | Sponsored

Begin your NZ adventure with Air New Zealand

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 7: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 712

TAGS Paradise Papers

For all the latest India News download Indian Express App

Snapweb | Sponsored

Diwali Bumper Sale - Flat 80 off on Rolex Watches Sale EndsToday

Amity Online | Sponsored

Beautiful Homes | Sponsored

Digital Marketing Strategy Course Lead future Digital Teams

Ideas For A Spacious And Airy Living Room

Magic Crate | Sponsored

Simple Activities to Make Your 2-14 Year Old Kid Smart andCreative

IndianExpress

IndianExpress

Idols amp Idol Makers of CR Park

India vs England 4th Test Moeen Ali spins England to series win

100 Pure New Zealand | Sponsored

Plan your NZ holiday with Singapore Airlines

IndianExpress

Sonam Kapoorrsquos wedding reception Kareena Kapoor Vidya Balan andKangana Ranaut among others attend the bash

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 812

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

IndianExpress

Andy Rubinrsquos startup Essential cuts about 30 per cent of employees

100 Pure New Zealand | Sponsored

Begin your NZ adventure with Air New Zealand

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 8: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 812

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

IndianExpress

Andy Rubinrsquos startup Essential cuts about 30 per cent of employees

100 Pure New Zealand | Sponsored

Begin your NZ adventure with Air New Zealand

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 9: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 912

BEST OF EXPRESS

Arun Jaitleys daughterwas on Mehul Choksispayroll alleges RahulGandhi

Bribery case CBIarrests investigatingocer who reports tospecial director RakeshAsthana

Petition to feature NoorInayat Khan Indian-origin Britain spy on 50pound note gainssteam in UK

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 10: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1012

BUZZING NOW

Ad

OpinionPurging of migrants inGujarat reects atransformation in theideological repertoire of

the state

OpinionWomen are speakingand they are angryTherersquos a new languageof dissent

WATCH NOW

Canadarsquos new marijuana economy Meetthe winners and losers

EntertainmentKapil Sharma conrmshis wedding with GinniChatrath

EntertainmentAlia Bhatt Ranbir Kapoor is a chiller boyfriend

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 11: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1112

ADVERTISEMENT

EntertainmentBigg Boss 12 wild cardMegha Dhade Aftergetting love fromMaharashtra I want to

now win over the world

TrendingGrooms head partiallyshaved in Lucknowafter he demandsdowry pictures go viral

TrendingNetizens freak out asvideo of a giant spiderwalking towards a copgoes viral

The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved

Page 12: turned to Appleby major DSC defaulted, ICICI bank Paradise ... · on January 26, 2012. This invoice was for “professional services” provided b y Appleby to ICICI with regard to

10222018 Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby | The Indian Express

httpsindianexpresscomarticleindiaparadise-papers-real-estate-dsc-ltd-icici-bank-appleby-icij-4927213 1212

Privacy Policy Advertise with Us Contact Us Subscribe Statutory provisions on reporting (sexual offenses)

Copyright copy 2018 The Indian Express [P] Ltd All Rights Reserved