Sports promoter Lokesh Sharma set up entities in tax haven

In financial statements provided to the Registrar of Companies on its subsidiaries, TCM stated that Peppermint Management’s share capital was Rs 5.79 crore.

The Mossack Fonseca record on Sharma’s company

Lokesh Sharma, managing director of sports management major Twenty First Century Media (TCM) Private Ltd, has two companies of his own registered in the tax haven of British Virgin Islands (BVI), according to The Panama Papers. A third company registered in BVI is a subsidiary of TCM.

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TCM, which was set up in 1993, claims to be India’s “foremost sports marketing and management company”, with revenues of over Rs 56 crore in 2014-15. Its service portfolio includes sports marketing consultation, athlete representation, sports tourism and hospitality. Its 100 per cent subsidiary, Peppermint Management Corp Ltd, is registered in BVI.

Watch Video | Panama Papers: How Mossack Fonseca Helped Stash Away Billions Of Dollars

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P Vaidyanathan Iyer

P. Vaidyanathan Iyer is The Indian Express’s Managing Editor, and leads the newspaper’s reporting across the country. He writes on India’s political economy, and works closely with reporters exploring investigation in subjects where business and politics intersect. He was earlier the Resident Editor in Mumbai driving Maharashtra’s political and government coverage. He joined the newspaper in April 2008 as its National Business Editor in Delhi, reporting and leading the economy and policy coverage. He has won several accolades including the Ramnath Goenka Excellence in Journalism Award twice, the KC Kulish Award of Merit, and the Prem Bhatia Award for Political Reporting and Analysis. A member of the Pulitzer-winning International Consortium of Investigative Journalists (ICIJ), Vaidyanathan worked on several projects investigating offshore tax havens. He co-authored Panama Papers: The Untold India Story of the Trailblazing Offshore Investigation, published by Penguin. ... Read More

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