Panama Papers leak: Calls for probe into TCM grow shrill

Delhi-based sports firm has registered two offshore entities in British Virgin Islands.

Hyderabad: Demand for a focused probe into a Delhi-based sports company is increasing following the Panama Papers divulging that Mr Lokesh Sharma, MD of Twenty First Century Media (TCM) Private Ltd, a sports company, had registered two offshore entities in the British Virgin Islands.

A third company called Peppermint Management Corporation Limited, also registered offshore, is said to be a 100 per cent subsidiary of TCM. Mr Sharma had used Mossack Fonesca as the registering agent to float these companies.

Of the two companies, Margarita Services Limited was incorporated in 2011, while the second, Mardi Gras Holdings Limited was registered in 2015. According to reports the Mossack Fonseca files state that Mr Sharma is a shareholder in these companies. He was later appointed as director of Margarita Services Limited. Mr Sharma, meanwhile, has claimed compliance with all rules and regulations.

Political parties meanwhile are demanding probe into his companies. Aam Admi party leader Mr Ashuthosh said in a press release: “Two companies, Margarita Services Limited and Mardi Gras Holdings Limited were floated by Lokesh Sharma in British Virgin Islands and a third company, Peppermint Management Limited, a subsidiary of Lokesh Sharma's Twenty First Century Media Limited, have to be probed.”

TCM Sports Management Private Limited was registered on August 26, 2008 in Delhi with two active directors including Mr Lokesh Sharma. Mr Sharma is also a director of several other Indian companies registered with ROC. It may be noted that Twenty First Century Media is into sports tourism, sports hospitality, in-stadia advertising and other sports related promotional activities.

( Source : Deccan Chronicle. )
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