ED issues Rs 425cr FEMA notice to BCCI ,IPL
17 Feb 2015 12:02 AM GMT
The Enforcement Directorate has slapped a Rs 425 crore show cause notice against BCCI, IPL, their officials and private multimedia firms for alleged contravention of forex laws in awarding a cricketing media rights contract in 2009.
The notices have been issued to close to ten individuals and entities which include former Board of Control for Cricket in India (BCCI) boss N Srinivasan, the then IPL Chairman Lalit Modi, Chief Operating Officer (COO) Sunder Raman, and the officials of World Sports Group (WSG) and Multi Screen Media (MSM) for allegedly and fraudulently "manipulating" the contract and hence making illegal payments.
The development comes at a time when the latest edition of Indian Premier League (IPL) players auction is underway in Bangalore on Monday.
The deal dates back to 2008 when the BCCI awarded the 10-year media rights to WSG on payment of USD 918 million. In the same year, WSG also entered into a deal with Multi Screen Media to make Sony the official broadcaster.
The contract was replaced a year later with a nine-year deal where Multi Screen paid $ 1.63 billion.Â
The notices have been issued to close to ten individuals and entities which include former Board of Control for Cricket in India (BCCI) boss N Srinivasan, the then IPL Chairman Lalit Modi, Chief Operating Officer (COO) Sunder Raman, and the officials of World Sports Group (WSG) and Multi Screen Media (MSM) for allegedly and fraudulently "manipulating" the contract and hence making illegal payments.
The development comes at a time when the latest edition of Indian Premier League (IPL) players auction is underway in Bangalore on Monday.
The deal dates back to 2008 when the BCCI awarded the 10-year media rights to WSG on payment of USD 918 million. In the same year, WSG also entered into a deal with Multi Screen Media to make Sony the official broadcaster.
The contract was replaced a year later with a nine-year deal where Multi Screen paid $ 1.63 billion.Â
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