The Board of Control for Cricket in India (BCCI) President N. Srinivasan led India Cements will transfer its Indian Premier League (IPL) team franchisee Chennai Super Kings (CSK) to a new subsidiary, named Chennai Super Kings Cricket Ltd., as the highest judicial system of the country, the Honourable Supreme Court of India barred him from contesting any polls of the board till he had arrived to any certain decision of giving up the ownership of his IPL team.
In a filing to the BSE, India Cements said it has completed the required documentation for transfer of Chennai Super Kings (CSK) franchise to Chennai Super Kings Cricket Ltd.
The BCCI will be considering at the upcoming meeting on February 11th of 2015 based on the grounds of reorganisation proposals relating to the said subsidiary, it urged.
Earlier on the 26th of September, 2014, the Board of Directors of the company had approved the proposal to demerge the Chennai Super Kings (CSK) unit into a wholly owned subsidiary of the company, by transferring its net assets at per the cost abided. It had also stated that the effective date of transfer will be January 1st, 2015.
Last month a Supreme Court bench comprising of Justice T. S. Thakur and Justice F. M. I. Khalifulla had passed an amendment in BCCI rules not permitting the fellow cricket administrators like Srinivasan to have commercial interest by owing teams in IPL and Champions League and said it was bad on grounds of conflict of interest.
The apex court has further directed that the BCCI elections be held within six weeks at max subject to the condition that no one who has any commercial interest in the BCCI events (including N Srinivasan) shall be eligible for contesting the elections for any post whatsoever.
The rider in the judgement would make it probably difficult for Srinivasan to become the BCCI President, unless he quickly relinquished his interest in the CSK.