On Wednesday the Board of Control for Cricket in India (BCCI) President-in-exile Narayanaswami Srinivasan, who has been barred by the Supreme Court from contesting any position of the board till he gave up ownership of the Indian Premiere League team, led India Cements’ board accepted transfer of Indian Premier League (IPL) team Chennai Super Kings (CSK) to a totally-owned ancillary Chennai Super Kings Cricket Ltd. A decision to this outcome was taken at a Board meeting of the company held in Chennai.
Srinivasan was quoted saying reporters after the meeting: “…pursuant to the decision of Board of Directors of India Cements Ltd, the company transferred the IPL franchise rights to its wholly-owned subsidiary Chennai Super Kings Cricket Ltd. The Board considered a proposal for reorganisation of Chennai Super Kings Cricket Ltd under which ownership of the franchise will be issued to the shareholders of India Cements Ltd, subject to necessary approvals.”
Narayanaswami Srinivasan did not state who would be at the throne of Chennai Super Kings Cricket Ltd and details of its main office-bearer.
He said this is the initial step in getting into a fully cement based company. He said, refusing to comment on how the new subsidiary would be exploited. He also declined to make statement on anything related to Court orders or to The Board of Control for Cricket in India (BCCI) on the matter.
The company had enlightened Bombay Stock Exchange (BSE) that it would transfer its Indian Premiere League team Chennai Super Kings to the new subordinate, Chennai Super Kings Cricket Ltd (CSKC) last week. Already the company has finished the compulsory documentation for the transfer and on Wednesday its meeting was called to take heed on reorganisation proposals relating to the subsidiary, CSKC.
Justice T S Thakur and Justice F M I Khalifulla led a Supreme Court bench, had attacked the revision in the Board of Control for Cricket in India (BCCI) rules allowing cricket administrators like Narayanaswami Srinivasan to have commercialized interest by owing teams in Indian Premiere League and Champions League.