India Cements on Friday issued a statement clarifying that Gurunath Meiyappan was neither the owner, nor the CEO of CSK but only one of the honorary members of the management team.
"Mr Gurunath is only one of the members (Honorary) of the Management Team of Chennai Super Kings. India Cements follows zero tolerance policy and if anyone is proved guilty, strict action will be taken immediately. India Cements assures full co-operation with BCCI and the Law Enforcement authorities," says the statement.
Spot-fixing allegations in the T20 league have left a wave of cold breath on the stocks of India Cements. Analysts say the company is caught in the midst of a double jeopardy of poor show of its March-quarter results announced on Monday and the possible links to fixing by their men at the top.
The company announced its quarter results and soon after just before the news of spot-fixing in the T20 league surfaced. The Indian Cements stocks have tanked 17% at the Bombay Stock Exchange. On Thursday the stocks fell 4.5% to Rs. 72.6, at the BSE.
Read the press statement below:
May 24, 2013
India Cements clarifies that Mr. Gurunath Meiyappan is neither the Owner, nor CEO / Team Principal of Chennai Super Kings. Mr. Gurunath is only one of the Members (Honorary) of the Management Team of Chennai Super Kings.
India Cements follows zero tolerance policy and if anyone is proved guilty, strict action will be taken immediately. India Cements assures full co-operation with BCCI and the Law Enforcement authorities.
The India Cements Ltd.
Gurunath Meiyappan was unceremoniously divested of his position and stature in the Chennai Super Kings on Thursday afternoon but there’s an e-trail from his Twitter account that demonstrates his power and authority over the T20 team in the last couple of years. He has called the team “my MEN”, declared that he will “announce the squad” and spoken of doing “my best” at player auction. This year, @ChennaiIPL, the official Twitter handle of the team urged supporters to “follow our team principal @gurunath75”. Here are the tweets.