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India Cements to transfer Chennai Super Kings to subsidiary amid controversies
MUMBAI: With the Supreme Court clearly spelling out that serving cricket administrators cannot have commercial interest in the game, N Srinivasan is charting out his strategy to retain the powerful BCCI president’s post even as rivals are busy plotting his downfall.
India Cements of which Srinivasan is the CMD has said that it will transfer the Indian Premier League (IPL) franchise Chennai Super Kings to a wholly owned subsidiary called Chennai Super Kings Cricket Ltd.
The company said that it has completed the required documentation for transfer of the IPL franchise to the wholly owned subsidiary.
It further stated that the India Cements board will consider the reorganisation proposals relating to the subsidiary at a meeting on 11 February.
On 26 September last year, the board of directors of the company had approved the proposal to demerge 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 1 January 2015.
While passing its judgment in the IPL spot-fixing case last month, a Supreme Court bench of Justice TS Thakur and Justice FMI Khalifulla had observed that conflict of interest was not good for cricket. It had also stated that commercial interest and cricket administration could not go hand in hand.
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 Supreme Court rider made it difficult for Srinivasan to return as BCCI president unless he relinquishes his interest in the IPL franchise.