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Press Information Bureau
Government of India
Ministry of Corporate Affairs
18-November-2010 15:49 IST
Violation of the Companies act by IPL Franchises

           

          The Government has said that it is looking into violation of the Companies Act, 1956 by some Indian Premier League (IPL) franchises. Giving this information in written reply to a question in the Lok Sabha, the Minister for Corporate Affairs, Shri Salman Khurshid said that the Balance Sheets, Annual Returns and other documents of following IPL franchisees registered under the Companies Act, 1956 (the Act) have been examined under Section 234 of the Act:

 

Mumbai Indians

Indiawin Sports Pvt. Ltd

Royal Challenger Bangalore

Royal Challenger Sports Pvt. Ltd

Deccan Chargers

Deccan Chargers Sporting Ventures Ltd

Chennai Super Kings

India Cements Ltd

Delhi Daredevils

GMR Sports Pvt. Ltd

Kings XI Punjab

KPH Dream Cricket Pvt. Ltd

Kolkata Knight Riders

Knight Riders Sports Pvt. Ltd

Rajasthan Royals

Jaipur IPL Cricket Pvt. Ltd

Sahara Pune Warriors

Sahara Adventure Sports Ltd

Kochi

Rendezvous Sports World (An Association of persons not registered under the Act)

 

            Shri Khurshid informed the House that based on the Technical Scrutiny Reports submitted by Registrar of Companies (ROCs) under Section 234 of the Act, non-compliance of certain provisions of the Act relating to non-filing of balance sheet/annual return (Sections 159/220), non-appointment of whole time company secretary (Section 383A), non-compliance of Section 211 read with Schedule VI and Accounting Standards have been noticed and ROCs have been instructed to take penal action in respect of these contraventions.  However, in the matter of M/s Deccan Chargers Sporting Venture Limited, no violation of provisions of the Act has been found.

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