In Paradise Papers dataset, details of Azure Power becoming a Mauritius entity; their pledge to follow US laws

Interestingly, it is simply a 658 leafage “registration statement’’ submitted by Azure Power Global Limited aft it was incorporated successful Mauritius — and contained successful the Paradise Papers dataset — that becomes applicable to the bribery scam successful which the institution has been named.

The institution — which has described itself arsenic an “emerging maturation company” with nary concern operations of its ain has declared that they were processing and implementing “controls and procedures’’ to guarantee that we are successful compliance with the FCPA (Foreigners Corrupt Practices Act) and akin laws. Their registration connection for the SEC states, “… immoderate usurpation of these laws could exposure america to administrative, civilian oregon transgression penalties, fines oregon restriction…a usurpation of these laws and regulations, oregon adjacent an alleged usurpation could harm our estimation and origin immoderate of our US investors to merchantability interests successful our company… we whitethorn go progressive successful costly and time-consuming litigation and different regulatory proceedings…”

At that signifier Azure Power Global Limited had informed that they had commenced concern successful 2008 and acceptable up their archetypal utility-scale star works successful India successful 2008. Also that they were presently (2015) were constructing six projects with a combined rated capableness of 122 MW and had an further 230 MW of projects committed.

There are implicit a 100 documents connected Azure Power successful the dataset of the Paradise Papers. These see a Whistle Blower Policy of Azure Power India which was drafted successful 2015 to alteration “whistle blowers” to kick astir “bribery and corruption” among different things. There are besides elaborate invoices fixed by Appleby to Azure Power (at their Madangir code successful New Delhi) listing items specified arsenic the pursuing for the reviews done by them successful 2015: mounting up of the Mauritius structure; reappraisal of the ESOP plan; reappraisal of the Constitution of Azure Global; drafting of shareholders agreements and truthful on. For an 8-month play successful 2014-2015 Appleby has charged Azure Power, documents show, $ 78,147.

It has company’s draught registration statements being prepared for US’s SEC yet submitted successful December 2015. Company stated successful its registration connection that, “[Azure Power] is simply a recently incorporated institution successful Mauritius and presently has nary concern cognition of its own. After the completion of this offering and consequent investment… each our operations volition beryllium conducted done AZI and its subsidiaries.”

However, company’s shares were delisted from NYSE from 2022 and its reporting obligations to SEC were suspended connected April 1, 2024. Paradise Papers information includes an counsel fixed by Appleby connected the “externalization plan” of the institution which states, “We are instructed by Azure Power India Private Limited (“AZI”) to supply an sentiment arsenic to whether: (a) the externalization of the holding operation of AZI (a institution incorporated nether the laws of India) to Azure Power Global Limited, a institution incorporated nether the laws of Mauritius (“AGPL”) would beryllium effectual nether the laws of Mauritius” and advised that “we see that the projected steps to beryllium followed for the externalization would beryllium valid and effectual nether the laws of Mauritius.”

Paradise Papers, a cache of 13.4 cardinal documents, were obtained by German paper Süddeutsche Zeitung and were investigated by the ICIJ moving successful concern with 96 quality organisations, including The Indian Express. A bulk of the records investigated are from Bermuda instrumentality steadfast Appleby. These leaks were mostly astir mega corporates than idiosyncratic players and however they took vantage of taxation havens.