A family behind Delhi’s first hospital has started an offshore company with assets worth $ 35 million
The family who run the Sitaram Bhartia Institute of Science and Research in Delhi established a trust in the Cayman Islands, which later acquired a company with at least two Swiss bank accounts and assets worth over $ 35 million. dollars at one point, according to Pandora records. Documents reviewed by The Indian Express show.
The Sitaram Bhartia Institute is a multi-specialty hospital located in the institutional area of Qutab, South Delhi, and is run by the Bhartia family with Abhishek Bhartia as director.
In 2006, the family established the Bhartia Family Trust in the Cayman Islands. That same year, the trust acquired Carmichael Inc. At the end of June 2007, records show Carmichael Inc had assets worth $ 35.39 million and held accounts with Swiss-based banks, Julius Baer and UBS. He also appointed Swiss company Altis Investment Management AG to manage the funds and paid the company $ 56,638 for the fiscal year ended June 2007.
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Julius Baer Trust Company (Cayman) Ltd was a trustee of the Bhartia Family Trust. Carmichael Inc’s resolution of January 16, 2008 states: “Carmichael Inc was incorporated as an exempt corporation in the Cayman Islands on August 27, 2003 and is a wholly owned subsidiary of The Bhartia Family Trust. The company was acquired by its current shareholder in May 2006. The main activity of the company is to invest in marketable securities.
Carmichael Inc’s annual statement for the fiscal year ended June 2006 stated that its operations were “primarily outside the Cayman Islands.”
Records of fiduciary service providers, including Overseas Management Company (OMC) Trust, show that Om Prakash Bhartia, father of Abhishek Bhartia, is the beneficial owner of Carmichael Inc. His Delhi address is registered.
Om Prakash Bhartia is the son of the late Sita Ram Bhartia and is a director of seven companies in India: BCH Electric, Bhartia Holdings Pvt Ltd, Bhartia Vidyut India Pvt Ltd, Bhartia Investments, Bhartia Logitech, Bhartia Powerloom Factory and Rajyashree PowerLoom Factory. Abhishek Bhartia is also a director of these companies.
Although being the beneficial owner of Carmichael Inc, OP Bhartia is not a director on the board of directors of the company. The files mention Valerie Mullen as chairman of the board of directors and Ingrid Powell as secretary. Both individuals were representatives of CI Directors Ltd, which is a subsidiary of Julius Baer Group AG.
The documents show that of Carmichael Inc’s $ 35.39 million in assets, $ 12.4 million was in cash and cash equivalents, and $ 22.9 million (market value of $ 24.25 million) in investments.
Carmichael Inc’s income statement shows that the company had no business income and only earned investments. The company’s total income was $ 344,000 (net income from dividends, bond interest, bank interest) and net realized investment gains for the year ended June 2007 were $ 1.62 million.
Records show that in 2007, shareholders made unsecured interest-free loans in the amount of $ 24.69 million to Carmichael Inc. Subsequently, the company renewed the investment advisory agreement with Altis Investment by resolution in November 2007 and revised the annual fees with effect from July 18. , 2007. The company had its bank account with Julius Baer and UBS and made a series of payments: investment management fee of $ 55,638 to Altis Investment, portfolio fee of $ 73,062 over for the year ended June 2007 and bank charges of $ 67,191.
A written resolution of the shareholders of Carmichael Inc, dated January 8, 2008, on the financial statements completed in June 2007, shows that the company was still controlled by “The Bhartia Family”. The resolution was signed by two directors “For and on behalf of Julius Baer Trust Company (Cayman) Ltd as Trustee of The Bhartia Family Trust”.
The OP Bhartia family did not respond to questions emailed by The Indian Express.