06 November 2017

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Paradise Papers Dr Ashok Seth chairman of Fortis got shares from firm whose stents he used

Paradise Papers Dr Ashok Seth chairman of Fortis got shares from firm whose stents he used
Biosensors International Group Ltd, a Singapore-listed company, manufactures and markets medical devices for interventional cardiology and critical care procedures.

According to its annual report, Biosensors International Group Ltd was incorporated in Bermuda on May 28, 1998 and was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on May 20, 2005. The company is not subject to income tax in Bermuda pursuant to tax exemption granted until the year 2035.

Records investigated by The Indian Express show that in 2004, Dr Ashok Seth, chairman of Fortis-Escorts — honored with the Padma Bhushan and Padma Shri – was given shares by a Singapore-based company Biosensors International Group Ltd that manufactures stents, before the company went public.

Subsequently, Seth prescribed these stents to his patients and cashed in on these shares.

Records of the minutes of the Board meeting dated October 19, 2004, mention that Seth was being offered 5,000 shares of the company “immediately vesting upon issuance” for $90,000.

Subsequently, minutes of a Special General Meeting held on January 28, 2005 show that it was decided that each share would be divided into 50 and, thus, the offer of stocks to Seth increased to 250,000 shares.

when Biosensors International Group, Ltd was listed on the SGX-ST on May 20, 2005 its share price was US $0.371. And according to stock market data, the price of the company’s share in April 2013 was US $1.23. So, the market value of the 250,000 shares was US $247,954 (Rs 1.51 crore at the 2013 exchange rate).

Seth told The Indian Express he sold the shares of Biosensors International Group Ltd in April 2016 and thus held them for a period of three years. Seth said he had an offer of purchase of 5,000 shares in October 2004 which he says he did not take up. He, however, admitted that he took up the offer nine years later, in April 2013 and paid the same $90,000 for them. he sold the shares in 2016 for “approximately” Rs 1.03 crore (since the price was down) and made a profit of Rs 54 lakh on the purchase

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Monday, November 6, 2017

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