Paradise papers :Network 18 links of four offshore entities revealed

New Delhi Nov 7: The International Consortium of Investigative Journalists (ICIJ) has once brought out paradise papers - the documents to shun the light on offshore entities.

The papers documents have exposed the links of Indian media houses establishing offshore entities.The documents reveal that in 2007, US media conglomerate Viacom entered into a 50-50 joint venture with Raghav Bahl’s Network 18 to set up Viacom 18 which, in turn, launched various subsidiary companies that were incorporated in different tax havens.

The Network 18 Group saw a change of ownership in 2014 when Managing Director Bahl sold out through a debt vehicle to Reliance Industries which, through various firms, has a 75% holding in the company.

The data reveal earlier links of the Network 18 Group to four offshore entities — three of which have been listed in balance sheets by the company as subsidiaries. The documents show that 2 companies were later deregistered.

Response from Raghav Bahl

The overseas companies mentioned by you were set up/ migrated in due compliance with applicable laws for undertaking international media operations of the Network18 Group. Due disclosures regarding set-up etc. of these companies were made by the Network18 Group in the financial statements of the relevant years. Also, do note that post the transfer of ownership of Network18 Group (July 2014), I am not associated with these companies in any manner.