Pandora Papers: DCM scion, his wife held shares in BVI company

The offshore firm, Socina Ventures Limited, was set up by Trident Trust Company in the British Virgin Islands in February 2008 and existed at least till February 2015. Records show that shares of Socina Ventures were issued to Vivek and Sukanya between March 2008 and December 2011.

Vivek Bharat Ram, grandson of DCM Group spearhead Lala Shri Ram, and his wife Sukanya Bharat Ram were shareholders in an offshore firm that operated for seven years and held a share capital of $1.95 million at one point, records in the Pandora Papers investigated by The Indian Express show.

The offshore firm, Socina Ventures Limited, was set up by Trident Trust Company in the British Virgin Islands in February 2008 and existed at least till February 2015. Records show that shares of Socina Ventures were issued to Vivek and Sukanya between March 2008 and December 2011.

Vivek is identified as “Master Client” in email exchanges between employees of Trident Trust. He held 6.01 lakh shares of Socina Ventures issued at par value of $1, while Sukanya held 60,000 shares.

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Another BVI-registered company, Harris Worldwide Ltd, was issued 1,000 shares in March 2008. Records show that the authorised share capital of the offshore firm was raised from $50,000to $1.95 million in November 2008. A Cyprus address has been listed for all the directors of Socina Ventures.

Records in the Pandora Papers do not show the current status of Socina Ventures but state that all the board directors resigned on February 15, 2015.

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Vivek Bharat Ram is a director in DCM Services, DCM Anubhavi Marketing, Shriram Infomedia, Shriram Global Enterprises, Shriram Skill and Education Limited, and Shriram Educorp Ltd. He was a director in Ranbaxy Laboratories from September 1992 to December 2008.

The Indian Express emailed queries to the family but there was no response.

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