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India Cements to transfer CSK to a wholly-owned subsidiary

Embattled BCCI President N Srinivasan-led India Cements will transfer its IPL team CSK to a new subsidiary, Chennai Super Kings Cricket Ltd, close on the heels of the Supreme Court barring him from contesting any polls of the board till he gave up ownership of the IPL team.

India Cements to transfer CSK to a wholly-owned subsidiary

New Delhi: Embattled BCCI President N Srinivasan-led India Cements will transfer its IPL team CSK to a new subsidiary, Chennai Super Kings Cricket Ltd, close on the heels of the Supreme Court barring him from contesting any polls of the board till he gave up ownership of the IPL team.

In a filing to the BSE, India Cements said it has completed the required documentation for transfer of Chennai Super Kings (CSK) franchise to Chennai Super Kings Cricket Ltd.

"The Board will consider at the meeting on February 11, 2015 reorganisation proposals relating to the said subsidiary," it said.

Earlier on September 26, 2014, the Board of Directors of the company had approved the proposal to demerge Chennai Super Kings (CSK) into a wholly-owned subsidiary of the company, by transferring its net assets at cost.

It had stated that the effective date of transfer will be January 1, 2015.

Last month a Supreme Court bench of Justice T S Thakur and Justice F M I Khalifulla had assailed the amendment in BCCI rules permitting cricket administrators like Srinivasan to have commercial interest by owing teams in IPL and Champions League and said it was bad on grounds of conflict of interest.

The apex court directed that BCCI elections be held in six weeks "subject to the condition that no one who has any commercial interest in the BCCI events (including N Srinivasan) shall be eligible for contesting the elections for any post whatsoever".

The rider in the judgement would make it probably difficult for Srinivasan to become the BCCI President, unless he quickly relinquished his interest in the CSK.

From Zee News

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