HYDERABAD: The names of two directors of Hetero Drugs, Attari Venkata Narasa Reddy and Partha Saradhi Reddy Bandi, have figured in the ‘Paradise Papers’ list of globally rich persons who are alleged to have evaded taxes and opened shell companies abroad to divert their funds. Both men have denied violating any laws. According to reports in the public domain, Mr Attari Venkata Narasa Reddy and Mr Saradhi Reddy Bandi are directors of Hetero Malta Limited, an off-shore company located in Malta, an island in the Mediterranean sea. The two businessmen are also listed as the legal and judicial representatives of the company.
Hetero Drugs Limited was incorporated on April 6, 1993. Its authorised share capital is Rs 10 crore and its paid-up capital is Rs 3.45 crore. It is involved in the manufacture of pharmaceuticals and other chemical products. The company was a client of Apple by. Investments of companies need not be illegal, according to Mr Attari Venkata Narasa Reddy.
“The offshore accounts were opened by Hetero Malta, a purely marketing company, on behalf of Hetero Drugs. I am a director in the company so my name appears. I do not know for what purpose it was set up. As far as I know, it is still active. The company has declared it in all its financial declarations. As far as I know, the company has taken all the required authorisations from various departments for opening the account,” he said.
Partha Saradhi Reddy Bandi said, “I am not aware of any offshore accounts in my name. If the company has opened any, it will declare if it feels the need. I am not in a position to say anything else.” Prominent Indian corporates in the Apple by database include GMR Group, Jindal Steel, Apollo Tyres, Havells, Hindujas, Emaar MGF, Videocon, the Hiranandani Group and DS Construction.
