enforcement directorate

IPL franchisees come under ICAI scanner: Big Trouble for Big IPL Money

There’s more trouble brewing for the BCCI’s cash-cow, the Indian Premier League (IPL).

The IPL has been mired in controversies over the past year.

The Twitter spat between Lalit Modi and Shashi Tharoor was the spark that triggered a conflagration of sorts; IPL shenanigans were tabled on the floor of Parliament. Media darling, Tharoor, was forced to resign from his position of Ministry of External Affairs (MEA).

IPL: A Sea Of Storms For Kochi, Kings XI and Rajasthan Royals

Image by kdewhunter via Flickr

The route to IPL4 has never seemed as foggy as it is today.

And there seems to be no one sounding the fog horn either!

The three vessels SS Kings XI Punjab, SS Rajasthan Royals and SS Kochi are stranded in the  stormy seas seeking a lighthouse to guide them to safety.

But their distress signals , their SOSs, have received little response from the current keepers of the beacon.

The IPL seas are still uncharted waters and the reefs are mapped as they are traversed.

Three voyages in three seasons and it was Heigh Ho! Life’s a bottle of rum!

Life’s not so rummy any more for the voyagers.

Nor quite so profitable!

The treasure hunt continues!

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IPL: The octopus spreads its tentacles to South Africa, Kochi and Lalit Modi in troubled waters

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Cricket South Africa (CSA) reminded us that the tentacles of the IPL mess are not restricted to just Indian and English shores.

CSA have terminated an external investigation into the bonuses paid by Lalit Modi to CSA chief executive Gerald Majola and 40 other staff during the IPL’s second season.

The IPL was moved to South Africa in 2009 following the Indian government’s refusal to provide adequate security for the event because of the clash with the general election. The security apparatus of the state could not be stretched to meet both concerns.

A payment of 4.7 million rands was made to Majola and his associates.

The South African opposition has slammed the switch to an internal investigation as ‘disappointing’.

The Enforcement Directorate(ED) is known to be investigating the payment back in India as apparently there was no tax paid on the foreign exchange transfers.

IPL Road: Kochi dilly-dallies, Modi prevaricates

It has been ominously quiet on the IPL front over the past few days.

Except for news reports that the Enforcement Directorate is studying the BCCI filed FIR against the abrasive Lalit Modi, to fructify their case against his willingness (or unwillingness) to respond to their inquiries. There has been little to report in the Indian press or media.

Lalit Modi and his lawyer claim that they have yet to receive a copy of the FIR filed by the BCCI; this is, of course, a classic delaying tactic to fob off the media until they have studied the ramifications and can respond to the allegations in a coherent manner.

The jurisdiction of the Chennai police has been questioned by Modi and his lawyer.

The ED has issued a Look Out notice that will have Mr. Modi detained at all Indian ports if he attempts to enter the country; the IPL ex-honcho shows no inclination to oblige the authorities, preferring to remain in London with token noises about answering any queries via video conference.

Meanwhile, there still seems no resolution to the dispute within the Kochi consortium with the warring parties unable to come to any sort of arrangement as yet.

Rendezvous, who hold the major chunk of sweat equity are at loggerheads with the other co-owners, namely Anchor Earth, Parinee Developers, Anand Shyam Estates and Vivek Venugopal. Only Filmwave Combines are fine with letting Rendezvous continue in the Kochi consortium with management control.

Rendezvous are willing to buy their sweat equity as long as they retain a say in management matters but doubts are expressed by their partners about the source of their funding and whether the infusion of funds would pass muster with the IT department and ED.

Shashi Tharoor has not been consulted this time around; it is considered best to keep the politician at bay while discussing business matters.

The clock is ticking for the Kochi franchisee and the BCCI must be hoping for a quick resolution, or else it will be a case of even more mud-slinging in the media.

Sunanda Pushkar, now Tharoor’s spouse, has relinquished her stake and is thus no longer a factor in the mediation.

Is this the lull before the storm? Or is it the eye of the storm?

The road to IPL 4 has never seemed more bumpy or more full of obstacles and potholes. Will road rage win the day?

Note: This is an updated version of the earlier article.

The IPL Mess: BCCI twists and turns its way out!

The twists and turns in the sordid IPL drama get hairier, by the day!

BCCI’s Srinivasan has filed an FIR in Chennai against Lalit Modi accusing him of defrauding the BCCI to the tune of Rs. 470 crores.

Readers might be aware that Mr. Lalit Modi is currently in London and refuses to return to India fearing for his life.

His weapon of choice against any and all charges is his Twitter account. Talk about social media pressure!

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