Bollywood actor Ajay Devgn is the latest Indian name to be dragged into the Panama Papers scandal with a sixth set of names being revealed. Devgn's name is on the list for owning the entity in the tax haven without adhering to RBI and government guidelines that restricts how much property individuals can own abroad.

According to the Indian Express, the Indian actor bought all the shareholding of a British Virgin Islands (BVI) company Marylebone Entertainment Limited in 2013 and had claimed that it was done to acquire and exploit overseas rights of Hindi films.

He later stepped down as the director of the company after buying a major portion of the shares. Subsequently, he approved EFG Trust Company Limited and EFG Nominees Limited as directors of Marylebone Entertainment.

Ajay Devgn | Source: PTI

Devgn bought the entire shareholding from Hassan N Sayani, an individual based in London and the original shareholder of the company. A total of 1000 shares were issued to Sayani on October 31, 2013. On the same day Devgn bought the entire shareholding.

However, Devgn said,“This company was set up with RBI guidelines for overseas direct investment route. Proper disclosures have been made by my family in the tax returns as required by law.”

Devgn’s chartered accountant Anil Sekhri clarified that 1,000 shares were bought on behalf of M/s Nysa Yug Entertainment, which is a partnership firm between Ajay Devgn and wife Kajol. Sekhri also said this company adhered to all RBI norms.

Over 500 Indians figure in the list of Panama papers. The Indian names which are already out includes actors Amitabh Bachchan and Aishwarya Rai, DLF's KP Singh, and Indiabulls' Sameer Gehlaut.