defaulted, ICICI bank turned to Appleb y Paradise Papers ...
7
9/4/2018 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/ 1/7 39 SHARES RELATED NEWS Written by Shyamlal Yadav | New Delhi | Updated: November 8, 2017 6:23:33 pm 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. 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 ADVERTISEMENT LIVE BLOG BEST OF EXPRESS ENGLISH தழ் বাংলা മലയാളം िहंदी मराठी Follow Us: 0:30 / 0:30 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. SHARE Express-OCCRP report: Indians who have ties to tax havens are linked to Bigg Boss 12 launch in Goa LIVE UPDATES: Salman Khan kicks off 'vichitra' season 8 mins ago Will Mohanlal be BJP's trump card in Kerala? Meeting with PM Modi sets off rumours Hyderabad twin bomb blasts: Two convicted, sentencing on Monday CJI Misra recommends Justice Ranjan Gogoi as his successor US Investor Visa $500,000 CMB Has Thousands Of Successful Clients. The USCIS Requires $500,000 Minimum Invested. LEARN MORE X Tuesday, September 04, 2018 Home India World Cities Opinion Sports Entertainment Lifestyle Technology Viral Parenting Photos Videos Audio ePaper TODAY ON 3 THINGS X Why is a village in Goa reviving agriculture after 30 years?
Transcript of defaulted, ICICI bank turned to Appleb y Paradise Papers ...
942018 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 17
39SHARES
RELATED NEWS
Written by Shyamlal Yadav | New Delhi | Updated November 8 2017 62333 pm
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
ADVERTISEMENT
LIVE BLOG
BEST OF EXPRESS
ENGLISH தழ বাংলা മലയാളം िहदी मराठी
Follow Us
030 030
Home India Paradise Papers Construction major DSC defaulted ICICI bank turned to Appleby
Paradise Papers Construction major DSCdefaulted ICICI bank turned to ApplebyAppleby sent ICICI Bank Ltd NBCC Place New Delhi an invoice for $302641 on January 26 2012 Thisinvoice was for ldquoprofessional servicesrdquo provided by Appleby to ICICI with regard to ldquoreview of thedocumentsrdquo Facility Agreement
SHARE
Express-OCCRP reportIndians who have ties totax havens are linked to
Bigg Boss 12 launch in Goa LIVE UPDATESSalman Khan kicks off vichitra season8 mins ago
Will Mohanlal be BJPstrump card in KeralaMeeting with PM Modisets off rumours
Hyderabad twin bombblasts Two convictedsentencing on Monday
CJI Misra recommends Justice Ranjan Gogoi ashis successor
US Investor Visa $500000CMB Has Thousands Of Successful Clients The USCISRequires $500000 Minimum Invested
LEARN MORE
X
Tuesday September 04 2018
Home India World Cities Opinion Sports Entertainment Lifestyle Technology Viral Parenting Photos Videos Audio ePaper
TODAY ON 3 THINGS XWhy is a village in Goa revivingagriculture after 30 years
942018 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 27
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
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
ADVERTISEMENT
BUZZING NOW
prime real estatein Dubai
Indians probed by govtagencies are linked tohigh-end real estatein Dubai
Paradise Papers I-Tsleuths raid Jalandhar
businessmanrsquos properties
OpinionThere is a concertedeffort to pressurise JampKpolice Security forcesmust not fall into trap of
a tit-for-tat ght
OpinionDalits must beaddressed with genuinesensitivity nothypocritical
benevolence
WATCH NOW
Sony Xperia XZ3 rst look at IFA 2018
EntertainmentBigg Boss 12 launch inGoa LIVE UPDATESSalman Khan kicks offvichitra season
EntertainmentOnce Again reviewWatch this only forShefali Shah and NeerajKabis spellbinding
performances
EntertainmentHappy birthday RishiKapoor Rare photos ofthe Mulk actor
TrendingPeople on social mediadenounce conviction ofReuters journalists inMyanmar
942018 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 37
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
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
ADVERTISEMENT
LEARN MORE
Only the Smartest Buyers Chose
These 8 SUVs
TrendingWhat director MiraNairs mother toldphotographers atCannes is winning
hearts all over again
942018 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 47
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
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
942018 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 57
Start your day the best way
with the Express Morning Briefing
Enter your email
SUBSCRIBE
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
For all the latest India News download Indian Express App
FROM AROUND THE WEB
Recommended by
MUST WATCH
Bhuvan Bam RevealsWhy He Hates His LongHair
Fuel prices at an all-timehigh News in Numbers
Six female politicianstells us the hate andjudgment they have todeal with
Take (1) Cup of This (BeforeBed) amp Flush Away YourBelly Fathealthyindialife
XLRI Pvt Banking andWealth Mgmt CertWeekend Online classcontenticicidirectcom
Bizarre Indian Dishes ThatAre Actually DeliciousLiveInStylecom
A Private Island 90 MinutesFrom NYC Lists For $49MillionMansion Global
The Most Romantic PlacesTo Propose In IndiaLiveInStylecom
Former Water Tower TurnedSingle-Family Home Askspound15MMansion Global
Singapore Airlines offersgreat fares amp world-classservice to NZAir New Zealand
Children between the age of4-8 spend twice as muchtime at home as theyhellipMagic Crate
Term Insurance of 50 LakhCover For as Low as Rs 386Per monthCoverfox
942018 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 67
TAGS Paradise Papers
Paradise Papers First set ofIncome Tax summons go out
Facebook canrsquot regulate selfensure data privacy Ex-employee
MORE RELATED NEWS
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0 comments Recommend
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TALK OF THE TOWN 128293
Raghuram Rajanrsquos policiesnot demonetisation reasonfor economic slowdown saysNITI Aayog VC
98 comments 78
Karnataka civic polls resultsCongress secures majorityafter close fight says peoplerejected lsquojumlas of BJPrsquo
89 comments 78
Rupee falls to all-time lowagainst US dollar fuel priceshit new high
86 comments 68
In Rafale season Govtrejects Russiarsquos request forAdanis as AK-rifle dealpartner
39 comments 61
Five held in Coimbatore forlsquoplottingrsquo to eliminate
AMU to Govt Idea to droplsquoMuslimrsquo from name
0
Name
POST
942018 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 77
plotting to eliminateleaders of Hindu outfits
32 comments 55
Muslim from namepreposterous
23 comments 50
Show more articles
Vuukle
The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards
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
942018 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 27
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
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
ADVERTISEMENT
BUZZING NOW
prime real estatein Dubai
Indians probed by govtagencies are linked tohigh-end real estatein Dubai
Paradise Papers I-Tsleuths raid Jalandhar
businessmanrsquos properties
OpinionThere is a concertedeffort to pressurise JampKpolice Security forcesmust not fall into trap of
a tit-for-tat ght
OpinionDalits must beaddressed with genuinesensitivity nothypocritical
benevolence
WATCH NOW
Sony Xperia XZ3 rst look at IFA 2018
EntertainmentBigg Boss 12 launch inGoa LIVE UPDATESSalman Khan kicks offvichitra season
EntertainmentOnce Again reviewWatch this only forShefali Shah and NeerajKabis spellbinding
performances
EntertainmentHappy birthday RishiKapoor Rare photos ofthe Mulk actor
TrendingPeople on social mediadenounce conviction ofReuters journalists inMyanmar
942018 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 37
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
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
ADVERTISEMENT
LEARN MORE
Only the Smartest Buyers Chose
These 8 SUVs
TrendingWhat director MiraNairs mother toldphotographers atCannes is winning
hearts all over again
942018 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 47
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
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
942018 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 57
Start your day the best way
with the Express Morning Briefing
Enter your email
SUBSCRIBE
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
For all the latest India News download Indian Express App
FROM AROUND THE WEB
Recommended by
MUST WATCH
Bhuvan Bam RevealsWhy He Hates His LongHair
Fuel prices at an all-timehigh News in Numbers
Six female politicianstells us the hate andjudgment they have todeal with
Take (1) Cup of This (BeforeBed) amp Flush Away YourBelly Fathealthyindialife
XLRI Pvt Banking andWealth Mgmt CertWeekend Online classcontenticicidirectcom
Bizarre Indian Dishes ThatAre Actually DeliciousLiveInStylecom
A Private Island 90 MinutesFrom NYC Lists For $49MillionMansion Global
The Most Romantic PlacesTo Propose In IndiaLiveInStylecom
Former Water Tower TurnedSingle-Family Home Askspound15MMansion Global
Singapore Airlines offersgreat fares amp world-classservice to NZAir New Zealand
Children between the age of4-8 spend twice as muchtime at home as theyhellipMagic Crate
Term Insurance of 50 LakhCover For as Low as Rs 386Per monthCoverfox
942018 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 67
TAGS Paradise Papers
Paradise Papers First set ofIncome Tax summons go out
Facebook canrsquot regulate selfensure data privacy Ex-employee
MORE RELATED NEWS
What is your reaction Powered by Vuukle
happy unmoved amused excited angry sad
0 0 0 0 0 0
0 comments Recommend
Write a comment
3000
or
I agree with Vuukles Privacy Policy
TALK OF THE TOWN 128293
Raghuram Rajanrsquos policiesnot demonetisation reasonfor economic slowdown saysNITI Aayog VC
98 comments 78
Karnataka civic polls resultsCongress secures majorityafter close fight says peoplerejected lsquojumlas of BJPrsquo
89 comments 78
Rupee falls to all-time lowagainst US dollar fuel priceshit new high
86 comments 68
In Rafale season Govtrejects Russiarsquos request forAdanis as AK-rifle dealpartner
39 comments 61
Five held in Coimbatore forlsquoplottingrsquo to eliminate
AMU to Govt Idea to droplsquoMuslimrsquo from name
0
Name
POST
942018 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 77
plotting to eliminateleaders of Hindu outfits
32 comments 55
Muslim from namepreposterous
23 comments 50
Show more articles
Vuukle
The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards
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
942018 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 37
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
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
ADVERTISEMENT
LEARN MORE
Only the Smartest Buyers Chose
These 8 SUVs
TrendingWhat director MiraNairs mother toldphotographers atCannes is winning
hearts all over again
942018 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 47
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
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
942018 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 57
Start your day the best way
with the Express Morning Briefing
Enter your email
SUBSCRIBE
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
For all the latest India News download Indian Express App
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Singapore Airlines offersgreat fares amp world-classservice to NZAir New Zealand
Children between the age of4-8 spend twice as muchtime at home as theyhellipMagic Crate
Term Insurance of 50 LakhCover For as Low as Rs 386Per monthCoverfox
942018 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 67
TAGS Paradise Papers
Paradise Papers First set ofIncome Tax summons go out
Facebook canrsquot regulate selfensure data privacy Ex-employee
MORE RELATED NEWS
What is your reaction Powered by Vuukle
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0 0 0 0 0 0
0 comments Recommend
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3000
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TALK OF THE TOWN 128293
Raghuram Rajanrsquos policiesnot demonetisation reasonfor economic slowdown saysNITI Aayog VC
98 comments 78
Karnataka civic polls resultsCongress secures majorityafter close fight says peoplerejected lsquojumlas of BJPrsquo
89 comments 78
Rupee falls to all-time lowagainst US dollar fuel priceshit new high
86 comments 68
In Rafale season Govtrejects Russiarsquos request forAdanis as AK-rifle dealpartner
39 comments 61
Five held in Coimbatore forlsquoplottingrsquo to eliminate
AMU to Govt Idea to droplsquoMuslimrsquo from name
0
Name
POST
942018 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 77
plotting to eliminateleaders of Hindu outfits
32 comments 55
Muslim from namepreposterous
23 comments 50
Show more articles
Vuukle
The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards
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
942018 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 47
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
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
942018 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 57
Start your day the best way
with the Express Morning Briefing
Enter your email
SUBSCRIBE
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
For all the latest India News download Indian Express App
FROM AROUND THE WEB
Recommended by
MUST WATCH
Bhuvan Bam RevealsWhy He Hates His LongHair
Fuel prices at an all-timehigh News in Numbers
Six female politicianstells us the hate andjudgment they have todeal with
Take (1) Cup of This (BeforeBed) amp Flush Away YourBelly Fathealthyindialife
XLRI Pvt Banking andWealth Mgmt CertWeekend Online classcontenticicidirectcom
Bizarre Indian Dishes ThatAre Actually DeliciousLiveInStylecom
A Private Island 90 MinutesFrom NYC Lists For $49MillionMansion Global
The Most Romantic PlacesTo Propose In IndiaLiveInStylecom
Former Water Tower TurnedSingle-Family Home Askspound15MMansion Global
Singapore Airlines offersgreat fares amp world-classservice to NZAir New Zealand
Children between the age of4-8 spend twice as muchtime at home as theyhellipMagic Crate
Term Insurance of 50 LakhCover For as Low as Rs 386Per monthCoverfox
942018 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 67
TAGS Paradise Papers
Paradise Papers First set ofIncome Tax summons go out
Facebook canrsquot regulate selfensure data privacy Ex-employee
MORE RELATED NEWS
What is your reaction Powered by Vuukle
happy unmoved amused excited angry sad
0 0 0 0 0 0
0 comments Recommend
Write a comment
3000
or
I agree with Vuukles Privacy Policy
TALK OF THE TOWN 128293
Raghuram Rajanrsquos policiesnot demonetisation reasonfor economic slowdown saysNITI Aayog VC
98 comments 78
Karnataka civic polls resultsCongress secures majorityafter close fight says peoplerejected lsquojumlas of BJPrsquo
89 comments 78
Rupee falls to all-time lowagainst US dollar fuel priceshit new high
86 comments 68
In Rafale season Govtrejects Russiarsquos request forAdanis as AK-rifle dealpartner
39 comments 61
Five held in Coimbatore forlsquoplottingrsquo to eliminate
AMU to Govt Idea to droplsquoMuslimrsquo from name
0
Name
POST
942018 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 77
plotting to eliminateleaders of Hindu outfits
32 comments 55
Muslim from namepreposterous
23 comments 50
Show more articles
Vuukle
The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards
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
942018 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 57
Start your day the best way
with the Express Morning Briefing
Enter your email
SUBSCRIBE
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
For all the latest India News download Indian Express App
FROM AROUND THE WEB
Recommended by
MUST WATCH
Bhuvan Bam RevealsWhy He Hates His LongHair
Fuel prices at an all-timehigh News in Numbers
Six female politicianstells us the hate andjudgment they have todeal with
Take (1) Cup of This (BeforeBed) amp Flush Away YourBelly Fathealthyindialife
XLRI Pvt Banking andWealth Mgmt CertWeekend Online classcontenticicidirectcom
Bizarre Indian Dishes ThatAre Actually DeliciousLiveInStylecom
A Private Island 90 MinutesFrom NYC Lists For $49MillionMansion Global
The Most Romantic PlacesTo Propose In IndiaLiveInStylecom
Former Water Tower TurnedSingle-Family Home Askspound15MMansion Global
Singapore Airlines offersgreat fares amp world-classservice to NZAir New Zealand
Children between the age of4-8 spend twice as muchtime at home as theyhellipMagic Crate
Term Insurance of 50 LakhCover For as Low as Rs 386Per monthCoverfox
942018 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 67
TAGS Paradise Papers
Paradise Papers First set ofIncome Tax summons go out
Facebook canrsquot regulate selfensure data privacy Ex-employee
MORE RELATED NEWS
What is your reaction Powered by Vuukle
happy unmoved amused excited angry sad
0 0 0 0 0 0
0 comments Recommend
Write a comment
3000
or
I agree with Vuukles Privacy Policy
TALK OF THE TOWN 128293
Raghuram Rajanrsquos policiesnot demonetisation reasonfor economic slowdown saysNITI Aayog VC
98 comments 78
Karnataka civic polls resultsCongress secures majorityafter close fight says peoplerejected lsquojumlas of BJPrsquo
89 comments 78
Rupee falls to all-time lowagainst US dollar fuel priceshit new high
86 comments 68
In Rafale season Govtrejects Russiarsquos request forAdanis as AK-rifle dealpartner
39 comments 61
Five held in Coimbatore forlsquoplottingrsquo to eliminate
AMU to Govt Idea to droplsquoMuslimrsquo from name
0
Name
POST
942018 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 77
plotting to eliminateleaders of Hindu outfits
32 comments 55
Muslim from namepreposterous
23 comments 50
Show more articles
Vuukle
The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards
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
942018 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 67
TAGS Paradise Papers
Paradise Papers First set ofIncome Tax summons go out
Facebook canrsquot regulate selfensure data privacy Ex-employee
MORE RELATED NEWS
What is your reaction Powered by Vuukle
happy unmoved amused excited angry sad
0 0 0 0 0 0
0 comments Recommend
Write a comment
3000
or
I agree with Vuukles Privacy Policy
TALK OF THE TOWN 128293
Raghuram Rajanrsquos policiesnot demonetisation reasonfor economic slowdown saysNITI Aayog VC
98 comments 78
Karnataka civic polls resultsCongress secures majorityafter close fight says peoplerejected lsquojumlas of BJPrsquo
89 comments 78
Rupee falls to all-time lowagainst US dollar fuel priceshit new high
86 comments 68
In Rafale season Govtrejects Russiarsquos request forAdanis as AK-rifle dealpartner
39 comments 61
Five held in Coimbatore forlsquoplottingrsquo to eliminate
AMU to Govt Idea to droplsquoMuslimrsquo from name
0
Name
POST
942018 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 77
plotting to eliminateleaders of Hindu outfits
32 comments 55
Muslim from namepreposterous
23 comments 50
Show more articles
Vuukle
The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards
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
942018 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 77
plotting to eliminateleaders of Hindu outfits
32 comments 55
Muslim from namepreposterous
23 comments 50
Show more articles
Vuukle
The ExpressGroup The Indian Express The Financial Express Loksatta Jansatta inUth Ramnath Goenka Awards
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
![CWS ParadiseLine. · 3 ] Paradise Dry Slim 4 ] Paradise Paperroll 5 ] Paradise Paper Slim 6 ] Paradise Foam Universal* 7 ] Paradise Foam NT 8 ] Paradise Cream Universal* 9 ] Paradise](https://static.fdocuments.net/doc/165x107/5ec6aefefa78e972cd305fc1/cws-3-paradise-dry-slim-4-paradise-paperroll-5-paradise-paper-slim-6-paradise.jpg)
