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MCA only collecting info on IPL, not conducting probe

New Delhi: The Corporate Affairs Ministry on Monday said it was collecting information on all franchisees of IPL teams and described this as a part of normal practice for any company and was not a probe.

"My ministry is merely collecting information that we should have in the normal course of those companies that are franchisee companies," Corporate Affairs Minister Salman Khurshid told reporters here.

The Ministry of Corporate Affairs (MCA), he added, was not conducting any probe but was only doing the due diligence as lot of questions have been raised publicly about the ownership pattern of the franchisee companies.

"My ministry is not conducting a probe.... Because a lot of questions are raised publicly...we should do our due diligence," Khurshid said.

The MCA, on Wednesday last, had directed the Registrar of Companies (RoC) to collect within a week all details on IPL franchisees, including the bidding process, sweat equity and memorandum of association.

The Ministry would try to find out whether the "equity structure (of IPL franchisees) is hazy or not...filings are available. If there is any discrepancy, we will look into it," Khurshid had said.

The probe follows 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 by it to Sunanda Pushkar, a close friend of Shashi Tharoor, who resigned from the Union Ministry in the face of allegations that he influenced award of IPL franchisees.

The RoCs, according to sources, would have to provide details on 10 franchisees, including Kolkata Knight Riders` owner Red Chillies Entertainment, Mumbai Indians` India Sports Win, Sahara Adventure Sports Group of the Pune team, Kochi team`s Rendezvous Sports, owners Chennai Super Kings India Cements and that of Royal Challengers Bangalore`s GMR Sports.

Following the controversy over ownership of the IPL teams, Board of Control for Cricket in India (BCCI) suspended IPL Commissioner Lalit Modi and today appointed Chirayu Amin as the interim Chairman.

PTI

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