Minister of State for Corporate Affairs Salman Khurshid on Wednesday said his Ministry was scrutinising the records of all the Indian Premier League (IPL) franchises.
“We cannot just shut our eyes [to the IPL controversy)]… we are doing our own due diligence. Records are available with us and we are going through them,” Mr. Khurshid told journalists here. “My Ministry will find out whether the equity structure of the IPL franchises is hazy or not. If there is any discrepancy, we will look into it,” he added.
On Tuesday, the Ministry asked the Registrar of Companies (RoC) to thoroughly scrutinise all the documents filed by the franchises and file a report within a week.
The RoC will scrutinise all the details on the franchises, including the bidding process, sweat equity, memorandum of association and franchise agreement.