With the deadline set by the Supreme Court for holding elections to the BCCI fast approaching, India Cements, owner of Chennai Super Kings, appears to be preparing to shed equity in the franchise.
The company informed the stock exchanges on Friday that its Board of Directors would meet on February 11 to discuss “re-organisation proposals” of CSK Cricket Ltd.
The move would facilitate N. Srinivasan, managing director, India Cements, to contest the election to the post of BCCI president.
The company had earlier hived off the IPL franchise to CSK Cricket Ltd., a new wholly owned subsidiary.
In a landmark judgment on January 22, the Supreme Court had said that BCCI officials could not have commercial interests in the Indian Premier League.
This meant that India Cements, controlled by Mr. Srinivasan, had to shed ownership of CSK to enable him to contest the BCCI elections.
Documentation doneIndia Cements informed the BSE that it had completed the required documentation for the transfer of Chennai Super Kings to CSK Cricket Ltd.
