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Gautam Singhania acquired two BVI entities, one to hold Swiss bank account

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Gautam Singhania acquired two BVI entities, one to hold Swiss bank account

According to Pandora document records investigated by the source, Gautam Hari Singhania, chairman and managing director of Raymond Limited, acquired two companies in the British Virgin Islands in 2008.

Although Singhania was designated as the beneficial owner of one of the companies, he was listed as a shareholder of the other company.

Deras Worldwide Corporation was established in July 2008 and was acquired by Gautam Singhania in the same month. Documents from Trident Trust, a service provider based in the British Virgin Islands, show that he is the beneficial owner of the Mumbai address. The purpose of the acquisition is to “open an account with UBS in Zurich”, with Roland Gysel of UBS AG in Geneva, Switzerland as its asset manager.

Trident Trust, a service provider for Deras Worldwide, appointed three directors as members of the company’s board of directors in July 2008. Trident Corporate Services invoiced Deras Worldwide for $1,700 on July 10, 2008. A series of detailed questions sent to the company did not receive a response.

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The second company associated with Singhania is Lyndonville Holdings Limited. The company was incorporated in the British Virgin Islands through Alcogal, another global corporate service provider, on January 2, 2008, listing Gautam Singhania with his father Vijaypat Singhania and mother Asha Singhania as one of its shareholders. However, the company was liquidated in 2016.

Raymond Group is a diversified group with most commercial interests in the textile and apparel sector, led by Gautam Hari Singhania. Its flagship company Raymond Ltd is a listed company with a market value of 2,997 crore rupees as of Friday. In the year ending March 2021, the company announced net sales of 34.46 billion rupees and a loss of 3.03 billion rupees. Last year, it had net sales of Rs 6,482 crore and profit of Rs 201.7 crore.

News Source: The Indian Express

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Startups that use excerpts from their own pitch are sent legal notifications by Shark Tank India; the creator responds, “Kaise banega naya India?”

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Startups that use excerpts from their own pitch are sent legal notifications by Shark Tank India; the creator responds, “Kaise banega naya India?”

After getting a legal letter from Sony Pictures for copyright infringement, the subscription-based tea business Dorje Teas found itself in deep water for utilising footage from their own pitch on YouTube and Meta advertisements.

The founders of the subscription-based tea company Dorje Teas, Ishaan Kanoria and Sparsh Agarwal.

While many entrepreneurs, especially those with startups, have found transformation through the business reality TV series Shark Tank India, the narrative is slightly different for Dorje Teas, a subscription-based tea firm that ships organic and fresh-from-the-farm Darjeeling Tea to consumers throughout India. Sony Pictures Networks India slapped the firm with a legal notice, which has placed it in hot water.

Co-founder Sparsh Agarwal of the company, who brought Dorje Teas to Shark Tank India last year and raised funds of Rs 30 lakh for 15% equity from Anupam Mittal, Peyush Bansal, and Vineeta Singh, valued the business at Rs 2 crore, recently revealed on LinkedIn that they received a legal notice from Shark Tank India for utilising snippets of their own pitch.

Agarwal claims that they received a notification about copyright infringement for utilising these clips in YouTube and Meta advertisements. It appears that Sony Pictures has sent notice to other companies besides Dorje Teas. He said, “They’ve clamped down on every single startup that showed up on Shark Tank, so we’re not the only ones.”

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“I don’t understand why they would do this, even though I am aware of the copyright rules that justify it. After all, Dorje Teas and several other businesses, like Skippi, Assembly, Perfora, Hoovu Fresh, Beyond Snack, Wakao Foods, Nasher Miles, and many more, invest thousands of dollars each month to enhance Shark Tank content, which helps the Shark Tank India brand get free exposure and increase brand memory,” he continued.

Agarwal went on to call it a poor business choice that some executive or lawyer at Sony had made, adding that it “goes against the entire ethos of promoting small startups.”

Additionally, the focus of Shark Tank Season 3 has been on creating a new India and assisting the startup environment in India. “How will we construct a ‘new India’ in this manner?’” he questioned in a self-recorded video.

On social media, Agarwal was met with praise, while some contended that Sony’s actions were legitimate in theory. “Dear Sparsh, you must realise that ‘You are the content’ in this situation. You play a big part in content production. You posted the material that features you on your social media accounts (Facebook, Instagram, YouTube, and so on), but not on Sony’s. You might say that the traffic they were supposed to get was somehow redirected to them. A content strategist made the observation, “You are monetizing your social channels with the content they produce.”

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“The first person to provide a sneak peek in the content industry attracts greater attention. Furthermore, it’s possible that you agreed to sign a waiver giving them perpetual rights to the footage they shot. They said, “Verify your contract or try to recall signing any electronic documents on the filming locations that make this clear.

“You are investing lakhs of dollars to promote Shark Tank, while Shark Tank is investing billions of dollars to plan and publicise the programme that features your brand.” Simply alter your viewpoint, as another poster pointed out.

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