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Salman Khurshid affirms major Company Law violations in IPL.

Chennai, July 18 (ANI): Minister of State for Corporate Affairs Salman Khurshid has affirmed to major Company Law violations in the cash-rich Indian Premier League (IPL) cricket tournament.

Confirming the violations at an event organised by the Southern India Chamber of Commerce and Industry (SICCI) in Tamil Nadu's Chennai city on Saturday, Khurshid said that his ministry would actively cooperate in the investigations.

"There are some Company Law violations that we have found. We will take steps in those matters. Somewhere, those violations are being sorted out because they are compoundable so they are correcting them and compounding them, said Khurshid.

"But as far as the larger issues are concerned, those larger issues lie outside the mandate of the corporate affairs. But we will help other ministries wherever they require our help," he added.

The IPL has courted several controversies ever since its inception, when the changed format of the game upset many of the game's traditional followers.

Suspended Indian Premier League (IPL) commissioner Lalit Modi has been accused of being involved in a wide range of corrupt deeds including bribery and tax evasion.

Several business houses, industrialists, politicians and film actors have invested in the cash-rich venture, which is arguably one of the largest sport leagues in the world.

The BCCI had in May delivered a show cause notice to Modi on charges of financial irregularity.

There are five main charges against Modi, ranging from receiving kickbacks, for allotting TV broadcast rights to indiscipline and leveling baseless charges against the BCCI.

He is also facing charges of rigging the bidding of two new IPL teams, which were eventually won by Sahara and the Kochi IPL consortium and also for being a ghost owner in three IPL teams.

Modi has claimed that he has submitted most of the relevant IPL documents.

They include all franchisee agreements, global media rights agreements, the global media rights packages, bid documents, media rights licensee agreements, eligibility letters of all bidders with details and all sponsorship agreements entered into by IPL. (ANI)

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Publication:Asian News International
Date:Jul 18, 2010
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