$10 mn as capital: 10 members of KP Singh’s DLF family, three BVI firms
Kushal Pal Singh, promoter of India’s largest real estate group DLF, acquired a company in British Virgin Islands, a tax haven, in which his wife Indira KP Singh is a co-shareholder, according to documents of Mossack Fonseca (MF), the Panamanian law firm that helps set up offshore entities.
Internal files of MF, accessed by The Indian Express, show that the real estate baron has been described as a “politically exposed person (PEP)” by Mossack Fonseca & Co (BVI) Ltd, the registered agent for Singh’s offshore entity called Willder Ltd. Singh has been the Honorary Consul General of Monaco in Delhi since October 1990, and credited by GE’s former chairman and CEO Jack Welch for having initiated the global corporation’s India entry. Last year, DLF made headlines over a controversial land deal with Robert Vadra, the son-in-law of Congress president Sonia Gandhi.
While K P Singh, now 84, and his wife Indira became shareholders in Willder Ltd in 2013, MF records reveal that at least two other companies were set up by their family members in 2012, one each by son Rajiv Singh and daughter Pia Singh with their immediate family as shareholders.
Most offshore entities are very thinly capitalised — or, at times, the shares do not have any par value. But the Singh family’s three offshore entities — with MF as the registered agent — together hold almost Rs 67 crore or $10 million in shares, records show. Singh was ranked 130 in Forbes’ list of the world’s richest with $7.3 billion in 2011.
MF records reveal that Singh and Indira KP Singh initially remitted funds in two tranches in September 2010 and October 2011 to buy Willder shares — Singh contributed $676,400 and Indira Singh $ 714,400.
While each share had a par value of $10,000, the company decided to set aside $6,400 from KP Singh’s contribution and $4,400 from Indira Singh’s towards share application money. Singh and Indira Singh were allotted 67 and 71 shares, respectively.
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