SEBI to probe firms named in 'Paradise Papers' leak

Updated:1 year, 3 months ago IST

New Delhi, Nov 06 (ANI): Market regulator Securities and Exchange Board of India (SEBI) will probe the various alleged fund diversion and corporate governance lapses listed in 'Paradise Papers' leak. The leak also includes the name of absconding liquor baron Vijay Mallya. While some entities linked to Mallya are already being probed by Sebi and other agencies, any fresh disclosure in the leaked documents made public by ICIJ (International Consortium of Investigative Journalists) would be thoroughly looked into. Officials maintained that mere presence of any Indian entity in an offshore tax-friendly jurisdiction may not amount to violation of laws, but non-disclosure about such entities and routing of funds to them could be ascertained only after a thorough investigation. The 'Paradise Papers' investigation, carried out by ICIJ along with media partners across the world, has unveiled offshore activities of some of the world's most powerful people and companies after exploring 13.4 million leaked files from offshore law firms and company registries in some secretive countries.

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