India Cements to shift IPL team to 100% subsidiary CSK Cricket Ltd
7 Feb 2015 12:42 AM GMT
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 Board will consider at the meeting on February 11, 2015 reorganisation proposals relating to the said subsidiary," it said.
Earlier on September 26, 2014, the Board of Directors of the company had approved the proposal to demerge Chennai Super Kings (CSK) into a wholly-owned subsidiary of the company, by transferring its net assets at cost.
It had stated that the effective date of transfer will be January 1, 2015. Last month a Supreme Court bench of Justice T S Thakur and Justice F M I Khalifulla had assailed the amendment in BCCI rules permitting 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.
Earlier on September 26, 2014, the Board of Directors of the company had approved the proposal to demerge Chennai Super Kings (CSK) into a wholly-owned subsidiary of the company, by transferring its net assets at cost.
It had stated that the effective date of transfer will be January 1, 2015. Last month a Supreme Court bench of Justice T S Thakur and Justice F M I Khalifulla had assailed the amendment in BCCI rules permitting 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.
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