<p>According to the U V Singh report on illegal mining, GLA Ltd, a Singapore-based firm owned by former Tourism Minister G Janardhana Reddy, had transferred the share of one Singapore dollar of the company to GJR Holdings (another of Reddy's firm) with its address at Isle of Man, Dubai, on December 21, 2007. <br /><br />GJR, in turn, transferred the share to Inter-Link Services Group Limited, British Virgin Islands, the very next day (December 22, 2007). Both Isle of Man and British Virgin Islands are known international tax havens.<br /><br />However, GLA Ltd has not immediately reported the share transfer to ACRA, which is mandatory. On January 4, 2008, GLA Ltd reported to ACRA that its share has been transferred to GLR Holdings, but suppressed the transfer from GLR Holdings to Inter-Services Group Ltd. <br /><br />"This act shows that it is only an afterthought to make believe that GJR Holdings International ceased to hold the shares of GLA Ltd, on 22.12.2007, although apparently, it is clear that the actual (if at all ) transfer of shares from GJR Holdings to Inter-Link Services Group was only in June 2009. GLR Holdings continued to hold the only share of GLA, during the period when the assessee company (OMC) had transacted with GLA Ltd,” the report stated.<br /><br />OMC, an Andhra Pradesh-based mining company owned by the Reddy brothers, is accused of exporting iron ore at far below market rates by underinvoicing to GLA. I-T department has discovered that Janardhana Reddy was a director of GLA at the time.<br /><br />Between 2007-08 and 2008-09, OMC exported 8.5 lakh MT of iron ore from Karnataka to GLA through Kakinada, Krishnapatnam and Vishakapatnam ports. Total worth of ore exported by underinvoicing has been pegged at Rs 215 crore. OMC has exported iron ore at US $76.14 to US $98.24 per MT to GLA, while the average export rate during the same period was in the range of US $140.25 to US $165.22 per MT, the report stated.<br /><br />GLA, which was earlier Man-Go Pub Pvt Ltd, transferred one share of the company in favour of GJR Holdings (Isle of Man). The share was then transferred to another firm Inter-link Services Group Limited in British Virgin Islands in June 2009. Janardhana Reddy ceased to be a director of GLA Trading from December 12, 2009.<br /></p>
<p>According to the U V Singh report on illegal mining, GLA Ltd, a Singapore-based firm owned by former Tourism Minister G Janardhana Reddy, had transferred the share of one Singapore dollar of the company to GJR Holdings (another of Reddy's firm) with its address at Isle of Man, Dubai, on December 21, 2007. <br /><br />GJR, in turn, transferred the share to Inter-Link Services Group Limited, British Virgin Islands, the very next day (December 22, 2007). Both Isle of Man and British Virgin Islands are known international tax havens.<br /><br />However, GLA Ltd has not immediately reported the share transfer to ACRA, which is mandatory. On January 4, 2008, GLA Ltd reported to ACRA that its share has been transferred to GLR Holdings, but suppressed the transfer from GLR Holdings to Inter-Services Group Ltd. <br /><br />"This act shows that it is only an afterthought to make believe that GJR Holdings International ceased to hold the shares of GLA Ltd, on 22.12.2007, although apparently, it is clear that the actual (if at all ) transfer of shares from GJR Holdings to Inter-Link Services Group was only in June 2009. GLR Holdings continued to hold the only share of GLA, during the period when the assessee company (OMC) had transacted with GLA Ltd,” the report stated.<br /><br />OMC, an Andhra Pradesh-based mining company owned by the Reddy brothers, is accused of exporting iron ore at far below market rates by underinvoicing to GLA. I-T department has discovered that Janardhana Reddy was a director of GLA at the time.<br /><br />Between 2007-08 and 2008-09, OMC exported 8.5 lakh MT of iron ore from Karnataka to GLA through Kakinada, Krishnapatnam and Vishakapatnam ports. Total worth of ore exported by underinvoicing has been pegged at Rs 215 crore. OMC has exported iron ore at US $76.14 to US $98.24 per MT to GLA, while the average export rate during the same period was in the range of US $140.25 to US $165.22 per MT, the report stated.<br /><br />GLA, which was earlier Man-Go Pub Pvt Ltd, transferred one share of the company in favour of GJR Holdings (Isle of Man). The share was then transferred to another firm Inter-link Services Group Limited in British Virgin Islands in June 2009. Janardhana Reddy ceased to be a director of GLA Trading from December 12, 2009.<br /></p>
