Twin trouble continues for N Srinivasan
news Sunday, April 26, 2015 - 05:30
In a week that could have spelt twin trouble for the chairman of the BCCI N. Srinivasan, only the issue pertaining to the evaluation of the Chennai Super Kings was reportedly discussed at the BCCIâ€™s meeting today. Â The bodyâ€™s working committee meeting in Kolkata has ended and the IPL chairman Rajiv Shukla confirmed that the CSK evaluation issue has been discussed.Â Â In a step that could spell further trouble for its former chief N Srinivasan, the BCCI on Sunday decided to seek a fresh legal opinion on the demerger and transfer of shares of IPL franchise Chennai Super Kings.Â The matter was deliberated at length at the first working committee meeting of the Board of Control for Cricket in India under the new dispensation with Jagmohan Dalmiya as president."The committee decided to seek a fresh legal opinion on the demerger and transfer of shares of CSK for further action," BCCI secretary Anurag Thakur said in a release after the meeting at a plush five star hotel here.Â The valuation of the de-merger of three-time Indian Premier League champions CSK from its parent company, the Srinivasan-owned India Cements at a meagre Rs.5 lakh has drawn the hackles of the media and a section in the board.Srinivasan and India Cements are understood to have claimed that Chennai Super Kings Private Limited is worth just Rs.5 lakh, prompting sections in the IPL governing body to talk of "grey areas" in the valuation of the francisee. CSK pays Rs.40 crore as annual franchisee fee and spends over Rs.60 crore for the players' remuneration every year. It seems uncertain though that the issue of N.Srinivasan spying on board members during his earlier tenure as the boardâ€™s President was mooted upon by the working committee members. The issue was expected to throw another complication at N.Srinivasan after he had landed into a soup earlier this week with the BCCI reportedly miffed with the Chennai Super Kings being valued at Rs 5 lakh by India Cements. According to a report by NDTV, the former BCCI chairman paid money to a London-based private investigative firm to spy on its board members. While the exact amount that exchanged hands is uncertain, some reports claim a figure close to Rs 14 crore. The board was expected to launch an official enquiry into Srinivasanâ€™s alleged tapping of phones and tracking emails of BCCI officials with the enquiry to be reportedly headed by Anurag Thakur. Srinivasan also heads India Cements which owns the Chennai based cricket franchise. After the Supreme Court cited a conflict of interest with Srinivasan heading the BCCI and owning the franchise, India Cements decided to transfer CSK to a new subsidiary, Chennai Super Kings Ltd. This would allow Srinivasan to return to the helm of the BCCI. The BCCI is supposed to receive 5% of the cost of the franchise as proceeds from the share transfer. The board is reportedly not happy with the evaluation of Rs 5 lakh by India Cements and is expected to appoint an independent evaluator to chalk out an estimate. â€śIt is a clear attempt to deny the BCCI its legitimate share of the proceeds from the sale by CSK owners. We will demand strict action against the franchise ownersâ€ť said one of the working committee members to the Times of India. The report also adds that the body could look at taking a legal route into the matter and that some members called for Srinivasanâ€™s return as Indiaâ€™s representative of the BCCI in the ICC. A report in The Indian Express states that the issue was raised at the IPLâ€™s governing council meeting on Monday and a source was quoted saying that â€śJyotiraditya Scindia, who was present as a special invitee, was the first to raise the issue. He insisted that it wasnâ€™t possible for CSK to be valued at Rs 5 lakh when India Cements has been paying an annual franchise fee of Rs 40 crore to the BCCIâ€ť. Â Reportedly, since Jagmohan Dalmiya assumed office as BCCI President, Srinivasan has buried the hatchet with former foe Sharad Pawar as he appears concerned over his position within the governing body for cricket. Â Â
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