Violation of the Companies act by IPL Franchises
The Government has said that it is looking into violation of the Companies Act, 1956 by some Indian Premier League (IPL) franchises. Giving this information in written reply to a question in the Lok Sabha, the Minister for Corporate Affairs, Shri Salman Khurshid said that the Balance Sheets, Annual Returns and other documents of following IPL franchisees registered under the Companies Act, 1956 (the Act) have been examined under Section 234 of the Act:
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Indiawin Sports Pvt. Ltd |
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Royal Challenger Sports Pvt. Ltd |
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Deccan Chargers Sporting Ventures Ltd |
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India Cements Ltd |
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GMR Sports Pvt. Ltd |
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KPH Dream Cricket Pvt. Ltd |
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Knight Riders Sports Pvt. Ltd |
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Jaipur IPL Cricket Pvt. Ltd |
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Sahara Adventure Sports Ltd |
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Rendezvous Sports World (An Association of persons not registered under the Act) |
Shri Khurshid informed the House that based on the Technical Scrutiny Reports submitted by Registrar of Companies (ROCs) under Section 234 of the Act, non-compliance of certain provisions of the Act relating to non-filing of balance sheet/annual return (Sections 159/220), non-appointment of whole time company secretary (Section 383A), non-compliance of Section 211 read with Schedule VI and Accounting Standards have been noticed and ROCs have been instructed to take penal action in respect of these contraventions. However, in the matter of M/s Deccan Chargers Sporting Venture Limited, no violation of provisions of the Act has been found.
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