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Indiabulls Promoter Opts To Pay for Real Estate Deals via Bahamas

Posted by Staff Reporter on Apr 05, 2016 08:41 AM EDT
India's Emerging Middle Class more big
BANGALORE, INDIA - APRIL 14: (ISRAEL OUT) A general view of a shopping area, on April 14, 2008 in Bangalore, India. Many residents work for multi-national cooperations and the economy is booming. New construction for offices is under way. Shopping malls open frequently and the shops are full of western merchandise for workers with high disposable income. India's new middle class is about 300 million, and growing. (Photo : Uriel Sinai/Getty Images)

Indiabulls had been one of the country's biggest realty groups headed by Sameer Gehlaut, brother Nagendra and father Balwan Singh. The corporation had made headlines in June 2014 when it bought a 87444-sq ft property for GBP 155 million at Hanover Square in London.

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Indiabulls Real Estate Ltd had entered the UK market through Sameer Gehlaut's acquisition of three of the top London properties through family entities in Karnal, Delhi, Bahamas, Jersey and UK. These properties were owned by SG Family Trust, which was set up in October 2012 for the benefit of the company. The properties had been developed into residential and hotel projects.

Indiabulls' Perpetual Management Private Limited was owned by Haryana Mahila Congress chief and ex-MLA Sumita Singh and Jagdeep Singh Virk, parents of Divya Gehlaut, who was Sameer's wife.

Records of law firm Mossack Fonseca, as reviewed by The Indian Express, and further inquiries revealed that the SG Family Trust owned Calleis Infrastructure Limited which, in turn, owned Clivedale Overseas Limited. The group also owned a number of subsidiaries based in Mauritius, UK, Jersey and Bahamas. Among these were wholly owned subsidiaries of Clivedale Ventures Limited and joint ventures with Clivedale Properties Limited and Ainsley Holdings Limited, according to a feature from The Indian Express.

While each portion of the ownership chain was connected the SG Family Trust, the group registered them with the Karnal address of Gehlaut's in-laws. The properties in Jersey, Mauritius, UK, Delhi and Bahamas had been reported to regulators, while the Gehlaut family's ownership of the London properties were not publicly announced.

Indiabulls owned three London properties such as 4, 5 and 6 Stanhope Gate where 18 luxury apartments were constructed with Mayfair Park Residences. Another property was the one on 9 Marylebone Lane where 22 apartments were constructed, plus 20,000 sq ft of office space, according to a feature from Haaretz.

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