Almost on Cue, an IPL Link in Panama Papers

A faceless company in British Virgin Islands could remain an undeclared owner if the IPL bidding was successful.

351 players went under the hammer at the 2016 IPL Auction. Image for representational purposes only. (Photo Courtesy: Ron Gaunt / IPL / SPORTZPICS)

A mysterious offshore firm was part of a 10-member consortium that made an unsuccessful bid in 2010 for IPL’s Pune team, according to an Indian Express report in their ‘Panama Papers’ series. The consortium reportedly used the services of the Panama law firm at the centre of attention – Mossack Fonseca.

All 10 members of the consortium signed a Memorandum of Understanding (MoU) forming a company called P-Vision Sports Private Limited. All parties invested in the company and owned shares “for the purpose of operating the IPL franchise on successfully winning the bid”.

According to the MoU, 15 percent share in the consortium was earmarked for Obdurate Limited, a faceless company in the British Virgin Islands. Obdurate shut down soon after the IPL franchise bidding.

…the largest stake of 33 percent in the consortium was held by the Chordia family who control the Pune-based realty major Panchshil Group through Atul Chordia (9 percent), his wife Varsha Chordia (9 percent) and the family-run Courtyard Properties Private Limited (15 percent). Film stars Karisma and Kareena Kapoor held 4.5 percent each and Kareena’s husband Saif Ali Khan Pataudi 9 percent. Mumbai resident Manoj S Jain had 9 percent. Venugopal Dhoot’s Videocon held 25 percent through Videocon Industries Ltd (24.5 percent) and Videocon International Electronics Ltd (0.5 percent).