No action against City Corp unless shareholders complain: Khurshid

Corporate Affairs Minister Salman Khurshid on Saturday said the City Corp MD Anirudhha Deshpande bidding for IPL Pune wouldn't amount to something that needs to be taken seriously by his ministry, unless shareholders have a complaint.

Corporate Affairs Minister Salman Khurshid on Saturday said the City Corp MD Anirudhha Deshpande bidding for IPL Pune wouldn't amount to something that needs to be taken seriously by his ministry, unless shareholders have a complaint.

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"As far as my mandate is concerned, it is limited to the company law. .... prima facie I would imagine that unless there is a complaint from shareholders this wouldn't amount to something that we would look at very seriously," he told private television channel NDTV 24X7 when asked whether his ministry would take any action against either Deshpande or City Corporation.

Deshpande and Pune-based construction company City Corporation have hit headlines after it came to light that Agriculture Minister and NCP chief Sharad Pawar and his Parliamentarian daughter Supriya Sule owned 16 per cent equity in City Corporation.

But Pawar claimed that Deshpande bid for the Pune team on his own and the company's Board was against the move even though it allowed him to use the company's name on bid documents.