Non-Compliance of Certain Provisions of The Companies Act by Owners of IPL Cricket Teams

Non-Compliance of Certain Provisions of The Companies Act by Owners of IPL Cricket Teams

The Government has said that preliminary information/reports have indicated non-compliance of certain provisions of the Companies Act, 1956 by owners of some Indian Premier League (IPL) cricket teams. Giving this information in written reply to a question in the Rajya Sabha today Shri Salman Khurshid, Minister of Corporate Affairs, said that after this revealation, Registrars of Companies have been instructed to scrutinize the documents of the companies under section 234 of the Companies Act, 1956 and take penal action, wherever warranted.