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Friday, May 14, 2010

MCA may order further probe into IPL franchisees

he Corporate Affairs Ministry today said it may initiate further probe into the IPL franchisees caught in the middle of a controversy over ownership pattern and bidding process.

The Ministry is analysing the reports submitted by the Registrar of Companies (RoCs) on 10 IPL franchisees. The reports include details on the bidding process, sweat equity, memoranda of association and also franchise agreements.

“Now a decision is to be taken whether there has to be an inspection. These reports don't mean anything.(But) Based on these reports we can go for an inspection," Corporate Affairs Secretary R Bandyopadhay told reporters on the sidelines of the All India Management Association (AIMA) business responsibility summit here.

The RoCs have given their reports on 10 franchisees, including the Kochi and Pune teams, Kolkata Knight Riders, Rajasthan Royals, King XI Punjab, Mumbai Indians and Delhi Daredevils.

Asked if evidence of any wrongdoing has been found from the reports of the RoCs, Bandyopadhay said that conclusions cannot be drawn as of now, as these were preliminary reports.

Following the controversy over ownership of the Kochi IPL franchise, where Rendezvous Sports World had given 19 per cent of the 25 per cent stake held as sweat equity to Sunanda Pushkar, a close friend of former Union Minister Shashi Tharoor, the MCA had asked the RoCs to fetch details of all IPL franchisees.

Corporate Affairs Minister Salman Khurshid has maintained that the ministry is not conducting any probe but is only doing due diligence, as a lot of questions have been raised publicly about the ownership pattern of the franchise companies.

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