Panama papers: After Bachchans, Ajay Devgn named in infamous tax evasion scam

Mumbai: The Panama Papers leak controversy has taken the industry by storm after names like Amitabh Bachchan and Aishwarya Rai Bachchan cropped up in the infamous tax evasion scam. The latest celebrity to join the bandwagon is Ajay Devgn.

According to reports, Ajay purchased 1000 shares of a British Virgin Islands company, Marylebone Entertainment Ltd., which was incorporated in 2013. The company is authorised to issue a maximum of 50,000 shares of no par value. It has engaged in the business of acquisition, distribution and exploitation of the overseas rights of Hindi films.

Ajay bought the shares in the name of his company Nysa Yug Entertainment, which he own with his wife Kajol. He consented to act as a director in the company on October 31, 2013. However, he resigned as director with effect from December 15, 2014.

However, unlike other actors who have denied their association or maintained silence on the controversy, Ajay has come clean. He clarified saying that the company was set up with RBI guidelines for overseas direct investment route and proper disclosures have been made as required by law.