IPL franchises violated Companies Act: Khurshid

Has asked registrar of companies to take appropriate action against errant teams

PTI | August 2, 2010



The government today said it has found company law violations in the ownership pattern in the several Indian Premier League (IPL) cricket teams and Registrar of Companies has been asked to take penal action.

"The preliminary information/reports have indicated non-compliance of certain provisions of the Companies Act, 1956," Minister of State for Corporate Affairs Salman Khurshid said in a written reply to the Rajya Sabha.

Following the auction of Kochi and Pune IPL teams for a staggering Rs 3,235 crore, and the controversy relating to sweat equity in Kochi team to a friend of then Union Minister Shashi Tharoor, the Corporate Affairs Ministry had asked for a thorough probe into accounts of all the teams.

Khurshid was replying to a query on whether preliminary investigation by the Ministry has uncovered irregularities and non-compliance with the Companies Act by owners of several IPL teams.

In April, the Registrar of Companies (RoC) had written to all IPL teams seeking complete information, including ownership details and proof of filing tax returns.

"...ROCs have been instructed to scrutinise the documents of the companies under section 234 of the Companies Act and take penal action, wherever warranted," Khurshid said.

The third edition of IPL was embroiled in controversies, including allegations about the union ministers influencing the auction of IPL franchisees.

Shashi Tharoor resigned as Union Minister of State for External Affairs over allegations that he influenced award of sweat equity to his friend Sunanda Pushkar in the Kochi team.

The authorities have since launched probe to trace the finances of the cricket body and its franchisees.

Comments

 

Other News

Cabinet approves Dearness Allowance, Dearness Relief

The union cabinet chaired by prime minister Narendra Modi on Wednesday approved the release of an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners with effect from 01.07.2026 representing an increase of 3% over the existing rates of 6

Cyclone Arnab strikes Andhra as warming oceans amplify storm risks

Cyclone Arnab made landfall along the Andhra Pradesh and Yanam coasts in the early hours of Wednesday as a very severe cyclonic storm, with maximum sustained wind speeds of 125–135 kmph and gusts reaching 150 kmph. Its rapid intensification has raised concerns about how warmer oceans, global warmin

Counting matters but which ones?

The first instinct of public policy is to count. Its harder task is to count what counts. We have become remarkably good at measuring the reach of the welfare state vis-à-vis beneficiaries covered, rupees transferred, houses built, connections installed and services delivered. But some of the most

Inching closer to a trade deal with America

The cooperation between India and the United States goes back quite a time. We need to relegate that era to the backburner when Pandit Jawaharlal Nehru visited US in the times of president Dwight Eisenhower and called the American let-off of 10 million dollars in defence aid to Pakistan as a “gun w

Manch vs Musk: Forty people and a foreign billionaire

About forty people walked the roundabout on Teen Murti Marg to the gate of Chanakyapuri police station, a distance you could cover in under a minute, on Friday to protest against Elon Musk’s Starlink. The walk was called by the Swadeshi Jagaran Manch. Nobody joined them on the way, and nobody seeme

Master sculptor recalls the making of the Shankaracharya statue

The Golden Chisel: The Story Behind the Making of Ram Lalla  By Seethalakshmi S. and Rahul Nandan Rupa Publications, 168 pages, Rs 395  

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter