Paradise Leak: Network 18 Founder Raghav Bahl Cites Tax Compliance

Network 18 had links to 4 offshore companies, of which 3 were listed in the company’s balance sheet as subsidiaries.

Raghav Bahl, founder of Quintillion Media Private Limited.

(Photo: The Quint)

One among the Indian names appearing in the series of reports named 'Paradise Papers' is that of Raghav Bahl, the former founder-managing director of Network 18, one of the leading media houses in the country.

The Indian Express-led investigation into off-shore legal services provider Appleby's records show that the Viacom-Network 18 joint venture launched several off-shore companies.

Network 18 had links to four offshore companies, of which three were listed in the company's balance sheet as subsidiaries.

When the Indian Express contacted Mr Bahl for his response, he said that the companies were "migrated in due compliance with applicable laws for undertaking international media operations".

Due disclosures regarding set-up etc. of these companies were made by the Network 18 Group in the financial statements of the relevant years.

He also added that owing to the change of ownership in 2014, he is no longer associated with the said companies in any manner.

Mr Bahl sold his ownership in the Network 18 group in 2014 to Reliance Industries, which now enjoys a 75 percent stake in the company through various firms.

(Disclosure: Raghav Bahl is also the founder of Quintillion Media Pvt. Ltd that operates this news website thequint.com)