India Cements to hive off CSK as subsidiary

Our Bureau Chennai | Updated on January 24, 2018


Paves way for N Srinivasan to contest BCCI polls

India Cements Ltd, the owner of IPL franchise Chennai Super Kings, has completed the paperwork on hiving it off as a wholly-owned subsidiary and the board will consider proposals to reorganise it next week.

India Cements informed the BSE that it has completed the documentation for the transfer of CSK as a wholly-owned subsidiary and the board will meet on February 11 to discuss its reorganisation.

This follows a recent Supreme Court order barring India Cements’ Managing Director N Srinivasan from contesting any polls of the Board of Control for Cricket in India till he gives up ownership of the CSK.

This dual role was seen as a conflict of interest as the BCCI oversees cricket and CSK is part of the IPL franchise operated by the BCCI.

Last month, the Court allowed the BCCI to hold elections but barred persons holding commercial interest in the cricketing body’s events.

This includes CSK team owner and BCCI president-in-exile Srinivasan.

While delivering the judgment in the 2013 IPL betting and spot-fixing case, the Court said that disqualification of people from being cricket administrator and IPL team owner will continue until they choose to shed one of them. Srinivasan then shed his equity in the CSK to be eligible to contest the BCCI elections.

India Cements on Friday said that on February 11, the company’s board will consider a reorganisation proposal relating to the subsidiary.

It will also consider a proposal to reappoint Rupa Gurunath as whole-time director of the company.

The Indian Cements share on the BSE increased by ₹5.25 to close at ₹101.45 on Friday.

Published on February 06, 2015

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