Emergency Meeting of IPL Governing Council on Sunday

Emergency Meeting of IPL Governing Council on Sunday | IPL Mambai

The IPL Governing Council will have an emergency meeting in Mumbai on Sunday to discuss issues relating to three franchisers.

Emergency Meeting of IPL Governing Council on Sunday | IPL Mambai

IPL Mambai

Three IPL franchises namely Rajasthan Royals, Kings Eleven Punjab and Kochi Franchise are currently served show cause notices for flouting the clauses.

Sources have indicated that of the three, Rajasthan Royals and Kochi, might face some dire consequence even a possible termination if they don’t come clean with their replies.

Sportscenter is in possession of all the three show cause notices.

“The share register of Jaipur IPL Cricket Pvt. Ltd has been verified and it shows that neither on 2.4.2008 nor on 14.4.2008, Emerging Media (IPL) Limited, Mr. Manoj Kumar Badale, nor any Mauritius entity or other persons had any shares.  The only two shareholders of Jaipur IPL Cricket Pvt Ltd. were Mr. Ranjit Barthakur and Mr.Fraser Castellino,” the notice says.

“No documentation was provided to suggest any connection whatsoever between the bidder and the company deemed to hold the franchise rights.  Both the persons have continued as the only shareholders till 03.10.2008 when Mr. Fraser Castellino transferred his 5000 shares out of the total share capital of 10,000 shares to EM Sporting Holdings Limited, Mauritius whereby there has been a change of controlling interest unknown to the BCCI.  On 27th January 2009, Mr. Ranjit Barthakur has transferred his 5000 shares to EM Sporting Holdings Limited (4999 shares) and Emerging Media (IPL) Limited, UK (1 share).  An “Event” has thereby occurred within three years unknown to the BCCI. A “Change of Control” has also occurred by transfer of the shares from Mr Castellino in the first instance and thereafter Mr.Ranjit Barthakur to EM Sporting Limited (9999 shares) and Emerging Media (IPL) Limited unknown to the BCCI.”

“There is subsequent correspondence on record wherein you have disclosed the share holding pattern of EM Sporting Limited, Mauritius to ratify the sale and issue of shares to Kuki Investments Limited but you have never disclosed that the said Mauritian entity nor the successful bidder had any interest in the franchisee holding the IPL rights when the franchise was granted,” it read.

The show-cause notice to Kings XI Punjab read: The BCCI has recently found in the course of its internal investigations into the award of the Franchises in 2008 that KPH Dream Cricket Pvt. Ltd., was a company that was incorporated on 10.3.2008 with only two share holders namely ACEE Enterprises Pvt. Ltd. with 9900 shares and Mohit Burman with 100 shares.  The names of Preity Zinta, Ness Wadia, and Karan Paul do not figure as share holders.  Mr. Mohit Burman had an insignificant stake in the newly formed company even combining the 12.5% shares held in ACEE Enterprises Pvt. Ltd.  The inclusion of the words, “and others” in the bid document cannot entitle complete strangers to take control over the franchise in place of the original bidders.

The notice to the Kochi franchisee says it has furnished an unincorporated joint venture agreement.

2 Comments on “Emergency Meeting of IPL Governing Council on Sunday

  1. Preity Zinta’s comment – ” I OWN a team, I am an investor in the team, I am the Chairperson,. I am the Boss, I am the Boss..”

  2. Preity Zinta’s comment – ” I OWN a team, I am an investor in the team, I am the Chairperson,. I am the Boss, I am the Boss..”

Leave a Reply

Your email address will not be published. Required fields are marked *