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Home / Corporate Law News / ‘Chandamama’ magazine’s new owners accused of money laundering; Swiss Bank to provide proof

‘Chandamama’ magazine’s new owners accused of money laundering; Swiss Bank to provide proof

March 11, 2019:

‘Chandamama’ magazine that enthralled children with stories of Indian mythology for decades has got a trouble with its new owners allegedly involved in financial irregularities.

Chandamama Magazine
Chandamama Magazine

Mumbai-based Geodesic Ltd, which acquired the iconic magazine in 2007, and its 3 directors are being probed by the Indian authorities for alleged money laundering and other financial irregularities and Switzerland has agreed to provide “administrative assistance” regarding their accounts in Swiss banks, which broadly means sharing of information with India.

Switzerland was widely known as an alleged safe haven for black money before it bowed down before the global pressure and agreed to bring down the famed secrecy walls that had historically surrounded the Swiss banks, provided the requesting country gave proof for financial irregularities done by the concerned person or the company.

Along with several other countries, India has also been making use of this change in the stance of Switzerland by seeking details of suspected black money hoarders in Swiss banks and it has already got back information in a large number of cases in the last few years.

In a decision dated March 5, Switzerland’s Federal Tax Administration (FTA) has decided to grant “administrative assistance to India in respect of Geodesic Ltd and its three directors — Prashant Sharad Mulekar, Pankajkumar Onkar Srivastava and Kiran Kulkarni, according to the official documents.

As per the Swiss law, the FTA decision can be appealed within 30 days, provided the appellant is able to give sufficient ground to challenge it.

Earlier on October 30, 2018, also, the FTA had decided to provide the administrative assistance in respect of Geodesic Ltd and the three individuals. While that decision is appeared to have been challenged, the FTA has again decided to share the details with the Indian authorities, indicating that the earlier appeal could not sustain.

An earlier decision was taken by the FTA on October 16 to assist Indian authorities in this case, but now a fresh notification has been issued for providing administrative assistance to India in case of this real estate firm which saw a meteoric rise soon after being incorporated in Nov 2014 and is said to have got significant political links.

Geodesic, on the other hand, used to be a publicly-listed entity and has already faced the wrath of capital markets regulator Sebi for multiple violations. Its shares have not been trading since Aug 2014 when its share price had dipped to as low as  1.50 apiece.

While the Swiss Govt documents did not disclose specific details related to the information and assistance sought by the Indian authorities regarding the two companies and the three individuals, such an ‘administrative assistance’ follows submission of proof about financial and tax-related wrongdoings and typically involves sharing of information relating to bank account details and other financial data.

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