'Team ownership details missing'

Not one of the eight Indian Premier League teams have furnished all the details relating to their ownership and funding to the Registrar of Companies, as they are required to by law, Corporate Affairs Minister Salman Khurshid told HT on Sunday.

Not one of the eight Indian Premier League (IPL) teams have furnished all the details relating to their ownership and funding to the Registrar of Companies (RoC), as they are required to by law, Corporate Affairs Minister Salman Khurshid told HT on Sunday.

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"There have been shortcomings in the reports of all the teams," said Khurshid.

"The levels, however, vary. We’ve asked all of them to provide us more information," he added.

The National Law Company Tribunal (NLCT) — a fast track adjudication body to be set up shortly — will take up the matter on a priority basis, Khurshid said. "Once the NLCT comes up we’ll look at the enforcement issue," Khurshid said.

The Central Board of Direct Taxes, the Enforcement Directorate and the RoC are all separately examining the funding and ownership details of IPL teams amid allegations of financial irregularities and murky deals.

The RoC is also examining whether the sweat equity shares given out by the teams comply with the guidelines of the Companies Act.

Under Section 79(A) of the act, unlisted companies can issue sweat equity but need to clearly spell whom it has been awarded to, and why.