RoC says 3 IPL teams in order | business | Hindustan Times
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RoC says 3 IPL teams in order

business Updated: May 04, 2010 03:12 IST
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As a multi-pronged investigation scoured for details of the ownership and funding of Indian Premier League (IPL) teams, the Registrar of Companies (RoC), has apparently failed to find any benami investors or sweat equity holders in three teams — Chennai Super Kings (CSK), Delhi Daredevils and Deccan Chargers.

In separate reports submitted to the ministry of corporate affairs recently, the RoC has come out with details of the shareholding and investment patterns of each of these teams — owned respectively by India Cements, GMR Sports and Deccan Chargers Sporting Ventures Limited ( DSVL) respectively.

“The records confirmed that the entire capital of the company (DSVL) is held by Deccan Chronicle Holdings and its six nominees,” the RoC report said.

In another report RoC said India Cements is the sole owner of CSK and has not allotted sweat equity shares to anybody.

For Delhi Daredevils, the RoC said the GMR group had successfully bid for the Delhi franchise of IPL.

“Subsequent to the bid, GMR Sports Private Ltd was incorporated to manage the Delhi franchise and the company is a 100 per cent subsidiary of GMR Holdings Pvt Ltd,” it said.

After induction of share capital, the shareholding of GMR Holding is 51 per cent and G.M.Rao and other directors hold the balance 49 per cent.

These findings are part of the multi-agency probe into allegations of financial irregularities and murky deals in the controversy-scarred league.

The Income Tax department and the Enforcement Directorate (ED) officials are separately probing charges of foreign exchange law violations.

Tax department officials had carried out “surveys” in offices of several IPL teams and premises of the IPL organisers to collect information on team shareholding, funding patterns and the balance sheets of the various stakeholders.