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Salman Khurshid affirms major Company Law violations in IPL | 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. |
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