PepsiCo, the main title sponsor for the IPL, wants issues surrounding the cash-rich cricketing league be addressed swiftly and faith of cricket fans be restored in the game as spot-fixing scandal threatened to rock the league.
N. Srinivasan has resigned from the board of financial services firm, ICCL, a part of India Cements group. In a BSE filing, India Cements Capital Ltd (ICCL) said: “N Srinivasan and T.S. Raghupathy have resigned as directors of the company with effect from March 30, 2015.”
Former Board of Control for Cricket India (BCCI) president Narayanaswami Srinivasan has reportedly transferred his entire stake in India Cements – the principal owners of Chennai Super Kings to a trust. He is the managing director of India Cements and owns 29 per cent shares.
The BCCI on Sunday decided to seek a fresh legal opinion on the controversial "low" valuation of the IPL franchisee Chennai Super Kings when it demerged from its parent company India cements, headed by N Srinivasan.
It seems there is more trouble coming for the embattled owners of Chennai Super Kings (CSK) following reports of a possible undervaluation of the Indian Premier League (IPL) franchise. According to reports, the Enforcement Directorate (ED) has sought details about this controversy.
The BCCI's Working Committee during its meeting in Kolkata on April 26 will discuss about Chennai Super Kings being valued at a meagre Rs 5 lakh by its owners, which has been objected by some IPL Governing Council members.
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.
Sidelined BCCI president N. Srinivasan refused to comment following the Supreme Court's decision Thursday to bar him from contesting the election for the Indian cricket board's governing body presidency due to a "conflict of interest".
Board of India Cements has approved a proposal to raise Rs 500 crore through qualified institutional placements or foreign currency convertible bonds to meet capital expenditure needs, a top official said on Friday.
Refusing to talk about Mahendra Singh Dhoni's role in his company India Cements, BCCI's President-in-exile N Srinivasan today made it clear that the Indian captain would not be asked to resign despite questions about conflict of interest being raised against him.