Companies

Adani, Videocon refute charges of ‘sweat equity'

Caught in the crossfire of the mounting Indian Premier League (IPL) controversy, corporate giants Adani and Videocon on Wednesday said they had not offered any sweat equity to any Union Minister or their kin to secure a T20 cricket team.

There were reports that the bid documents of the two were missing when Income Tax officials visited the IPL offices last week amid allegations that the corporate houses had offered sweat equity to politicians to clinch the deal.

Adani and Videocon last month unsuccessfully bid for two franchises that were to be added to the popular cricket tournament. The two franchises finally went to Sahara and Rendezvous Sports

‘Ready to provide copies'

An Adani Group official said the group's IPL bid was not mentored by anyone. The Gujarat-based group issued a statement saying it was in possession of copies of its bid for the IPL franchise and was ready to share it with the authorities who were probing alleged irregularities in the franchise auction.

“The copies of the bid documents [of the second round] submitted by us have been retained by us and we are ready to provide the same to the authorities, as we are perfectly on the right side of the law,” the group's statement said.

Adani said its bid papers for the first round were returned unopened by the IPL as the round was cancelled.

“The documents of the second round from all bidders were opened at the ceremony and were retained by the IPL. It is normal practice to dispose of the bid documents from unsuccessful bidders after a specified time, in line with the guidelines framed by the organisation, normally after the validity of the offer expires, in this case by the IPL,” the company said.

Officials in Videocon also stated that no sweat equity was offered to anyone by the company at any point of time.


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Printable version | Jul 25, 2021 10:40:48 PM | https://www.thehindu.com/business/companies/Adani-Videocon-refute-charges-of-lsquosweat-equity/article16371645.ece

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