BCCI controlled IPL 2009 finances

[asterix]

The BCCI had the final say on the management of the IPL's finances when the league was moved to South Africa in 2009, and in some cases framed the plan to be adopted, according to correspondence between the various officials involved. This is contrary to the recently reported deposition of senior board officials, who told a parliamentary committee that is probing the Twenty20 tournament's finances that several transactions were carried out by former IPL chairman Lalit Modi. Official documents acquired by ESPNcricinfo suggest that the board was not only aware, at the highest levels, of the accounting and financial transactions required to move the event to South Africa, but also played a large role in advising Modi on how to carry them out. Board president Shashank Manohar, secretary N Srinivasan and current IPL chairman Chirayu Amin recently appeared before the Parliamentary Standing Committee on Finance over allegations of foreign exchange violations related to moving the tournament to South Africa. The parliamentary committee had expressed its opinion that opening and operating a current account in South Africa through an explicit arrangement with Cricket South Africa (CSA) could be construed as violation of the Foreign Exchange Management Act as the BCCI had failed to ask the RBI for permission. The committee also asked the officials about the funding patterns of the IPL and the method of payment of players' salaries. The board reportedly admitted that mistakes were made, but claimed that certain transactions were carried out by Lalit Modi, then the IPL chairman, and they had simply approved those in good faith. However, documents show the BCCI was involved in managing the IPL's finances every step of the way. At the governing council meeting on March 22, 2009, Manohar stated that the board would open an account of US$ 10 million to cover the expenses of holding the IPL in another country "after seeking clearance from RBI and that the account would be operated by the treasurer MP Pandove." Once the decision was taken to move the tournament to South Africa, Srinivasan outlined the RBI restrictions on operating an account in a foreign country in a letter dated March 24, 2009 that was sent to Modi and Manohar, and suggested that CSA operate the account under the supervision of the BCCI. "The payments that are made would be monitored by us and would be made after only after ensuring that proper authorisation is received from IPL Chairman and Hon. Secretary, BCCI," Srinivasan says. The letter also states that after the expenses were approved by Modi, they were to be sent to Srinivasan "for final authorisation." Meanwhile, Pandove was to "oversee this operation and will be responsible for reconciliation of the accounts, including tax matters". The agreement to stage the IPL in South Africa was then signed with Cricket South Africa on March 30, 2009 by Srinivasan. Subsequently, a number of emails were sent by Prasanna Kannan, the IPL's chief financial officer, detailing the transactions that had been carried out and the various tax concerns arising out of hosting the tournament abroad. In an email dated April 3 that was sent to Modi, Srinivasan and Pandove, among others, Kannan outlines a discussion with the South African Revenue Services (SARS). SARS requires 15% of the players' fees to be paid as withholding tax, and in another email dated April 9 sent by the board's internal auditor, the BCCI states that it "will help the franchises in fulfilling these obligations and pay the withholding tax in South Africa." Another email dated April 10 lays out the amount of money that had been dispersed to each team up to that point and how much was still left in the bank. In the same email, Kannan asks the secretary and treasurer "to approve a further transfer of US$ 10 million to CSA". The documents make it clear that the BCCI was not only involved in the decision-making process, but was overseeing it as well. The 2009 IPL was moved at the last minute over security concerns arising out of the tournament overlapping with the Indian general elections. Tariq Engineer is a senior sub-editor at Cricinfo http://www.espncricinfo.com/india/content/current/story/498154.html

[Holysmoke]

srini:hehe:

[flamy]

pwn that beetch

[yoda]

did he kill anyone? :giggle:

[IKnowU]

:hysterical: Modi is officially the scapegoat of this fiasco. Them BCCI babus know how to wash their hands after making a mess.

[Guest Hiten.]

For those getting excited over this news piece should realize that this ongoing battle is between a scum (Modi) and group of scums (BCCI babus), there is no individual here who is innocent. Modi was made a scapegoat because he made himself vulnerable, by trying to run the show single handedly. He literally made this (ipl) a family business and ensure that cameras pan onto him and his kids/wife every few minutes, which was bloody ridiculous and a big shame. I can't believe people actually side, either BCCI or Modi in this ****ing fiasco. IPL had the potential to be competitive but with dickheads in-charge it'll always be like bollywood, i.e. big bucks but no substance to their claims.

[bulbul]

Problem here is not who is bad scum or who is good scum but one of the scum owns a IPL team , runs IPL and blame others and act like a saint. what to do with this Fake Fakeer ?

[achilles]

Pwnge galore. Hypocrisy of epic proportions. But ofcourse, we can't point a finger at him, "coz he's not killed anyone". I'm quite disappointed with the BCCI chief's behaviour. I thought he was a man of substance and above the petty politics.

[Guest Hiten.]

Pwnge galore. Hypocrisy of epic proportions. But ofcourse, we can't point a finger at him, "coz he's not killed anyone". I'm quite disappointed with the BCCI chief's behaviour. I thought he was a man of substance and above the petty politics.

Manohar is pretty close to Pawar and was one of the main man behind our nagpur test *** up vs australia in '08.

[achilles]

Manohar is pretty close to Pawar and was one of the main man behind our nagpur test *** up vs australia in '08.

Yes. But he was said to have found his own voice and had started ignoring the advice of the powerful man, esp. during the IPL controversy. Seems like perception-management was at work.

[yoda]

Problem here is not who is bad scum or who is good scum but one of the scum owns a IPL team ' date=' runs IPL and blame others and act like a saint. what to do with this Fake Fakeer ?[/quote'] So he suggested an alternate way to run the IPL in a foreign country (using CSA) in a short amount of time by bending around RBI rules. If there something wrong in what he did, there is always legal course. He co-owns an IPL team while being in the BCCI after having the conflict of interest explicitly approved by the BCCI. Can you list of the scum'ish things he has done? Did he swindle money via shady deals to put money in his and his relatives' pockets while vacationing in the french riviera and flying private planes? Has he gone into hiding in a foreign country while there is a FIR against him?

[bulbul]

I am neutral here. Dont care about Modi....but he alone cant be blamed for everything.wonder why u r so eager to support Seeni.... u ask about Shady deals the current information regarding srini handling IPL finances not came out before all the blame went to simply on Small fish , read Modi . now slowly things coming out. who knows what else done by srini

[yoda]

I am neutral here. Dont care about Modi....but he alone cant be blamed for everything.wonder why u r so eager to support Seeni.... u ask about Shady deals the current information regarding srini handling IPL finances not came out before all the blame went to simply on Small fish , read Modi . now slowly things coming out. who knows what else done by srini

Modi the small fish? :giggle: You call yourself Neutral, declare Modi the small fish and N. Srinivasan the scum. Are you sure you aren't achilles? :winky: ps: achilles is the biggest Modi fan boy if ever there was one.

[bulbul]

Ok for your satisfaction ill call Modi a Medium sized fish but i still maintain Srini as big fish..Both are scums you can decide u r self who is bigger scum. Sincere Apologies if u r related to Srini or work for him. As for as Fanboy is considered everyone can guess who is whose fanboys by u r reaction to evry post related to Master Srini :)

[achilles]

Ok for your satisfaction ill call Modi a Medium sized fish but i still maintain Srini as big fish..Both are scums you can decide u r self who is bigger scum. Sincere Apologies if u r related to Srini or work for him. As for as Fanboy is considered everyone can guess who is whose fanboys by u r reaction to evry post related to Master Srini :)

Serves him right lol. :giggle:

[yoda]

^^The guy has who has biggest egg on the face since his idol has gone into hiding as a criminal being chased by the cops, is talking about who now? :hysterical: Just because someone doesn't want to keep responding to posts non-stop just to keep regurgitating the same cr@p (like the one you usually do), doesn't mean you accept what is posted. It just means that it is not worth my time to keeping the discussion going. :winky:

[Holysmoke]

yoda yada yada He co-owns an IPL team while being in the BCCI after having the conflict of interest explicitly approved by the BCCI(HIM). yoda yada yada

[Holysmoke]

Mumbai Indians have sought an explanation from the IPL regarding a last-minute change in the auction procedure, which they feel compromised the "level-playing field" for all franchises. In a two-page letter (a copy of which is available with ESPNcricinfo), Mumbai referred specifically to the clause in the 'Player Auction Briefing' dated December 17, 2010, which stated that the auction of player sets would occur in random order. But on the eve of the auction (held on January 8 and 9), two hours before the final auction briefing, the franchises were sent an email containing an amendment which stated that the random order would be replaced by pre-decided 'order of the auction list'. The clause was in paragraph 18 of the original Player Auction Briefing, which read: "Players in the auction would be divided into 'sets'. The initial sets would comprise marquee players. Subsequent sets would each comprise players with the same specialism (batsmen, bowlers, allrounders, wicketkeepers). The order of these subsequent sets would be determined by random draw that will take place in the auction room." According to Nikhil Meswani of Indiawin Sports Private Ltd (parent company of Mumbai), who signed the letter, there was a sudden and unexplained change made to the above clause the day before the auction. "The final sentence of paragraph 18 is to be deleted. The sets will be presented to the auction in the order of the auction list." Meswani noted that this was a "fundamental change" to the auction process. "The primary purpose of deciding the order of the auction (whether of subsequent sets or the players within the sets) through random draw in the auction room in presence of the bidders is to ensure transparency and a level playing field to all the franchisees so that all the franchisees are not only privy to the process but are treated in the same manner and no particular team receives preferred treatment," Meswani said. According to him any such change warranted strong and justifiable reasons, which he felt were not there or explained. To clarify the matter, Mumbai have asked the IPL governing council for ten bits of information including documents. Nagraj Gollapudi is an assistant editor at ESPNcricinfo RSS Feeds: Nagraj Gollapudi © ESPN EMEA Ltd.

[yoda]

^^^what does this have to do with BCCI controlling IPL finances? :winky:

[IKnowU]

Its funny how there is more irregularities ever sine Modi got kicked out. :giggle: But nothing will happen since its the BCCI who asks the questions as well as answer them.