Guest prince Posted October 9, 2010 Share Posted October 9, 2010 The IPL Governing Council will have an emergency meeting in Mumbai on Sunday to discuss issues relating to three franchisers. By Sai Prasad Mohapatra Three IPL franchises namely Rajasthan Royals, Kings Eleven Punjab and Kochi Franchise are currently served show cause notices for flouting the clauses. Sources have indicated that of the three, Rajasthan Royals and Kochi, might face some dire consequence even a possible termination if they don’t come clean with their replies. Sportscenter is in possession of all the three show cause notices. "The share register of Jaipur IPL Cricket Pvt. Ltd has been verified and it shows that neither on 2.4.2008 nor on 14.4.2008, Emerging Media (IPL) Limited, Mr. Manoj Kumar Badale, nor any Mauritius entity or other persons had any shares. The only two shareholders of Jaipur IPL Cricket Pvt Ltd. were Mr. Ranjit Barthakur and Mr.Fraser Castellino," the notice says. "No documentation was provided to suggest any connection whatsoever between the bidder and the company deemed to hold the franchise rights. Both the persons have continued as the only shareholders till 03.10.2008 when Mr. Fraser Castellino transferred his 5000 shares out of the total share capital of 10,000 shares to EM Sporting Holdings Limited, Mauritius whereby there has been a change of controlling interest unknown to the BCCI. On 27th January 2009, Mr. Ranjit Barthakur has transferred his 5000 shares to EM Sporting Holdings Limited (4999 shares) and Emerging Media (IPL) Limited, UK (1 share). An “Event†has thereby occurred within three years unknown to the BCCI. A “Change of Control†has also occurred by transfer of the shares from Mr Castellino in the first instance and thereafter Mr.Ranjit Barthakur to EM Sporting Limited (9999 shares) and Emerging Media (IPL) Limited unknown to the BCCI." "There is subsequent correspondence on record wherein you have disclosed the share holding pattern of EM Sporting Limited, Mauritius to ratify the sale and issue of shares to Kuki Investments Limited but you have never disclosed that the said Mauritian entity nor the successful bidder had any interest in the franchisee holding the IPL rights when the franchise was granted," it read. The show-cause notice to Kings XI Punjab read: The BCCI has recently found in the course of its internal investigations into the award of the Franchises in 2008 that KPH Dream Cricket Pvt. Ltd., was a company that was incorporated on 10.3.2008 with only two share holders namely ACEE Enterprises Pvt. Ltd. with 9900 shares and Mohit Burman with 100 shares. The names of Preity Zinta, Ness Wadia, and Karan Paul do not figure as share holders. Mr. Mohit Burman had an insignificant stake in the newly formed company even combining the 12.5% shares held in ACEE Enterprises Pvt. Ltd. The inclusion of the words, “and others†in the bid document cannot entitle complete strangers to take control over the franchise in place of the original bidders. The notice to the Kochi franchisee says it has furnished an unincorporated joint venture agreement. http://www.espnstar.com/cricket/international-cricket/news/detail/item512152/IPL-GC-to-meet-on-Sunday/ will we have 7 teams IPL next year? Link to comment Share on other sites More sharing options...
Sachinism Posted October 9, 2010 Share Posted October 9, 2010 Going the right way Now they need to axe MI, CSK, DD, DC, KKR Link to comment Share on other sites More sharing options...
IKnowU Posted October 9, 2010 Share Posted October 9, 2010 Going the right way Now they need to axe MI, CSK, DD, DC, KKR :finger: Link to comment Share on other sites More sharing options...
Ramzz Posted October 9, 2010 Share Posted October 9, 2010 Not surprised...politics as usual by the BCCI. Rajasthan - Modi is the vice president of RSA...so RSA suffers. Punjab - IS Bindra the president...Modi supporter as well. Link to comment Share on other sites More sharing options...
EnterTheVoid Posted October 9, 2010 Share Posted October 9, 2010 Going the right way Now they need to axe MI, CSK, DD, DC, KKR That would be absolutely perfect. Link to comment Share on other sites More sharing options...
Sid Posted October 9, 2010 Share Posted October 9, 2010 Going the right way Now they need to axe MI, CSK, DD, DC, KKR exactly my thoughts Link to comment Share on other sites More sharing options...
achilles Posted October 9, 2010 Share Posted October 9, 2010 Too much money at stake. The IPL franchises are already against N.Srinivasan and he is making a lot of enemies. I doubt this "reported axing" will go through. Mr.Srinivasan might court a lot of problems in the coming 2 years, if he continues with his one-dimensional policies. Link to comment Share on other sites More sharing options...
Holysmoke Posted October 9, 2010 Share Posted October 9, 2010 Going the right way Now they need to axe MI, CSK, DD, DC, KKR :haha: So IPL 2011 will be 1 match:hysterical: bangalore vs pune. Link to comment Share on other sites More sharing options...
SachDan Posted October 9, 2010 Share Posted October 9, 2010 :haha: So IPL 2011 will be 1 match:hysterical: bangalore vs pune. :hysterical::hysterical::hysterical: Link to comment Share on other sites More sharing options...
nballa Posted October 9, 2010 Share Posted October 9, 2010 :haha: So IPL 2011 will be 1 match:hysterical: bangalore vs pune. yeah they will play each other 59 times and the two semi finals and the finals for good measure. Link to comment Share on other sites More sharing options...
IKnowU Posted October 10, 2010 Share Posted October 10, 2010 Bye Bye Punjab & Rajasthan!!!! BCCI terminates Rajasthans contract. :giggle: Shilpa Shetty :phehehe: Source to come. Link to comment Share on other sites More sharing options...
EnterTheVoid Posted October 10, 2010 Share Posted October 10, 2010 Excellent. More (franchises) to come hopefully :woot: Link to comment Share on other sites More sharing options...
Roshanrocks Posted October 10, 2010 Share Posted October 10, 2010 :ohmy: Link to comment Share on other sites More sharing options...
Nova Posted October 10, 2010 Share Posted October 10, 2010 IPL terminates Punjab, Rajasthan franchise The IPL has terminated the franchise agreements with Kings XI Punjab and Rajasthan Royals and has issued a notice to the Kochi franchise, asking them to resolve their disputes and form a joint venture company to hold the rights The decisions were taken at an emergency meeting of the league's governing council in Mumbai on Sunday. More to follow (on Cricinfo) Link to comment Share on other sites More sharing options...
DomainK Posted October 10, 2010 Share Posted October 10, 2010 What for? Link to comment Share on other sites More sharing options...
Rajiv Posted October 10, 2010 Share Posted October 10, 2010 Edited Punjab too... Mumbai call Yuvi and get him in Link to comment Share on other sites More sharing options...
EnterTheVoid Posted October 10, 2010 Share Posted October 10, 2010 Yep, Lal is saying that on commentary now. Punjab = RR == GONE. Kochi == Given Notice. Link to comment Share on other sites More sharing options...
Tapioca Posted October 10, 2010 Share Posted October 10, 2010 Wow ! The revenge against Modi is complete. Link to comment Share on other sites More sharing options...
IKnowU Posted October 10, 2010 Share Posted October 10, 2010 Reports are Kochi is about to throw the towel in at any moment. So there will be 8 teams next IPL. KXIP just in aswell :hysterical: Link to comment Share on other sites More sharing options...
Gunner_Mania Posted October 10, 2010 Share Posted October 10, 2010 Uncle Lal reading it out on air commentatory.. Is he reading tdigi's comments? Link to comment Share on other sites More sharing options...
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