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Paradise Papers: Hindustan Times Group set up firm in Bermuda, showed Rs 7 cr loss

Paradise Papers: The annual report of Hindustan Times Limited for 2003-04 lists Go4i.com (Bermuda) as a subsidiary and shows that the company did not have any shareholding in the Bermuda-based entity.

Written by Sandeep Singh | New Delhi | Updated: November 7, 2017 9:14 am
Paradise Papers, Hindustan Times, Hindustan Times Paradise Papers, Shobhana Bhartia, International Consortium of Investigative Journalists, Appleby records, Financial Data leak, International Consortium of Investigative Journalists, Panama Papers, India news, Indian Express Paradis Papers: The Hindustan Times Ltd is the holding company of HT Media Ltd (listed entity in India) and holds 69.5 per cent stake in the listed entity.

The Hindustan Times Group owned by the Bhartias set up a company in Bermuda, Go4i.com (Bermuda) Ltd, through HTBC Ltd, which is one of the three shareholders of the offshore entity, Appleby records show. The other two shareholders of Go4i.com (Bermuda) Ltd are Swaminn Investments, registered in Cayman Islands, and Indocean Internet Holding (Bermuda) Ltd, the records show.

HTBC Ltd has its registered office in Mumbai and is owned by HT Interactive Media Properties, which has its registered office at Hindustan Times House, Kasturba Gandhi Marg, New Delhi.

The annual report of Hindustan Times Limited for 2003-04 lists Go4i.com (Bermuda) as a subsidiary and shows that the company did not have any shareholding in the Bermuda-based entity.

Registrar of Companies (RoC) documents between 2004 and 2016 make no mention of the Bermuda entity — there is no further update in subsequent years on the status and business of the offshore company.

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Appleby documents show that Shobhana Bhartia, chairperson of the Hindustan Times Group, and her son Priyavrat Bhartia are directors of the Bermuda entity and also of HTBC Ltd.

Paradise Papers, Hindustan Times, Hindustan Times Paradise Papers, Shobhana Bhartia, International Consortium of Investigative Journalists, Appleby records, Financial Data leak, International Consortium of Investigative Journalists, Panama Papers, India news, Indian Express

The other officials at Go4i.com (Bermuda) Ltd include Manisha Gupta, Piyush Gupta, Anil Ahuja, Rajan Kohli, Hiren Patel and Ravi Seth among others.

EXPLAINED: Why the Paradise Papers matter

Piyush Gupta and Anil Ahuja were also directors in Go4i.com (India); Rajan Kohli was executive president, Hindustan Times Ltd in 2003-04; Ravi Seth was director (finance) of Hindustan Times Ltd in 2003-04.

The directors of Go4i.com (India) include Virendra Kumar Charoria who is also a whole time director of The Hindustan Times Ltd along with Shobhana Bhartia, Priyavrat Bhartia and Shamit Bhartia.

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The Hindustan Times Ltd is the holding company of HT Media Ltd (listed entity in India) and holds 69.5 per cent stake in the listed entity. Its annual report shows that in the financial year ended October 31, 2003, Go4i.com (Bermuda) registered a loss of USD 701,634 (Rs 3.15 crore), and of USD 861,265 (Rs 4.1 crore) in the previous year. However, there are no details of the business and the revenue of the company over the two-year period.

Into the business of providing content, including wireless access protocol technology, RoC documents accessed on Go4i.com (India) show it is a subsidiary of Go4i.com (Mauritius) Ltd. Go4i.com (India) Ltd got registered in March 2000, with majority shares ( 99.92%) owned by Go4i.com (Mauritius) Ltd as of March 31, 2016, RoC records show.

RESPONSE FROM Shobhana Bhartia’s office:

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.

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  1. P
    Pali Raj
    Nov 8, 2017 at 11:35 pm
    PLEASE SAVE ME FOR THE SAKE OF LOVE FOR HUMANITY, IF EVEN IF YOU DON'T LOVE ME - A COMMON MAN s: m.facebook /story.php?story_fbid 1619565834746840 id 100000803165555 NOTE: - MY BRAIN HAS ALMOST STOPPED WORKING NOW AND I DON'T KNOW WHAT TO DO NOW. PLEASE SAVE ME. 🙏 de part et d'autre bons amis.... """"""""""""""""""""""""""""""""""""""''''''''''''''"""""""''" History says: after a revolution Government (?) : current ruler authorities are thrown out of power. (I agreed to wake up people's conscience.) The 'God ....Government is one' revolution failed to achieve its main purposes because Modi Government used it only to win the UP election. Modi Government could have achieved all its purposes but Modi Government was working on some hidden agenda: talent show: and therefore after UP election result without throwing out the Modi Government while a hero have to make the face of the day I have been kept engaged in fighting for justice so the revolution failed to achieve all o
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    1. R
      Raj
      Nov 7, 2017 at 3:30 pm
      Bastrads should be stripped naked and shammed all these 402s
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      1. A
        Ayaz
        Nov 7, 2017 at 9:35 am
        You just see there is reporter Saha at hindustan times.. We get shocked he publishes all pro hurriyat pro separatist news items.. And all are almost Anti india as well as against national interest and security.. Latest pro separatist new was it leaked confidential MHA report.. That all adverti ts to pro terrorists, pro Pakistan and newspaper publishing pro separatism news should be banned completely.. Now I realise For its anti India news in kashmir.. It gets offshore funding to deposits in paradise.. Go papers.
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        1. M
          Murthy
          Nov 7, 2017 at 2:36 am
          I am surprised by these revelations in IE, for the following reason: "Dog does not eat Dog" is the English saying. Very bold of IE to reveal these details about another newspaper group. However, I am not surprised by the DOUBLE STANDARDS of a PSEUDOSECULAR, PSEUDOSOCIALIST paper like HT which has supported the CONS for many decades. India's Rulers have observed DOUBLE STANDARDS without any Compunction or Conscience. The First Leader to mean what he says and to have the Courage to IMPLEMENT his VISION is Naren Bhai Damodardas Modi. More than the CONS, Indians had been Short changed by newspapers like Hindustan Times. Incidentally, that paper does not allow any blogging. They got so scared of the critical comments and Fact Checks of many bloggers, notably, of Sumit Bose and others. HT wants to live the 'dream' of Pseudosecularism, by publishing FALSE FACTS and FALSE ANALYSIS. At least IE publishes essays by Prof. Rakesh Sinha, V-P Venkiah Naidugaru and many others..
          (5)(1)
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          1. Pawar Ajith
            Nov 7, 2017 at 2:01 am
            Probably Hindusthan times have gotten money from kashmir separatists or directly from pakisthanis. CBI and ED should be aggressive in sending them to behind bars.
            (6)(0)
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