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HomeSports6 out of 9 IPL franchisees violated law

6 out of 9 IPL franchisees violated law

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New Delhi — Registrar of Companies (RoCs) were directed to examine documents under Section 234 of the Companies Act, 1956 in the year 2010.  RoCs examined documents of the companies located within their jurisdictions and certain violations of the provisions of the Companies Act, 1956 were noticed in some cases as per the chart below.

Name of the owner of the IPL Team IPL Team Status in brief Violations of the Provisions of Companies Act, 1956 Status in respect of scrutiny of documents under Section 234 of the Companies Act, 1956 ordered in April, 2010
Indiawin Sports Pvt. Ltd.   Mumbai Indians 23 For non-compliance of Section 23 of the Companies Act, 1956 relating to signing of the franchisee agreement in the erstwhile name, i.e., Rathipriya Trading Pvt. Ltd. on 10.04.2008, the company was warned to be careful.
Royal Challengers Sports Pvt. Ltd. Royal Challengers Bangalore Clean No contravention of the Companies Act, 1956 was noticed.
Deccan Chargers Sporting Ventures Ltd.  

 

Deccan Chargers Clean Deccan Chargers IPL Team was initially owned by Deccan Chargers Sporting Ventures Ltd., which was a wholly owned subsidiary of Deccan Chronicle Holdings Ltd. On scrutinising the balance sheet of Deccan Chargers Sporting Ventures Ltd., no violations of the provisions of Companies Act, 1956 were noticed.
India Cement Ltd.   Chennai Super Kings 217(2A) On scrutinising the balance sheet of the company, violation of Section 217(2A) of the Companies Act, 1956, relating to not furnishing the particulars of in the Director’s Report was noticed and the company was warned. Subsequently, books of account of India Cement Limited were inspected under Section 209A of the Companies Act, 1956. The inspection report is under examination.
Sports Pvt. Ltd. Delhi Daredevils The report of the RoC is under examination.
KPH Dream Cricket Pvt. Ltd.   Kings XI Punjab 159, 220 Prosecution was filed for non- filing of balance sheet and annual return for the year 2008-09 and the offences have been compounded vide Company Law Board’s order dated 11.05.2011.
Knight Riders Sports Pvt. Ltd.  Knight Riders 383A and  211 Prosecution was filed for violations of Sections 383A and 211 of the Companies Act, 1956.  The said offences were compounded by Company Law Board.
Jaipur IPL Cricket Pvt. Ltd.   Royals 297, 301 Prosecutions were filed for violations of Sec. 297 and 301 of the Companies Act, 1956.  The company filed compounding applications for the said violations.
Sahara Adventure Sports Ltd. Pune Warriors India Clean No violations of the provisions of the Companies Act, 1956 were noticed.

This information was given by Minister of Corporate Affairs Arun Jaitley in a written reply to a question in the Lok Sabha today.

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