The Enforcement Directorate (ED) has sought details regarding the undervaluation of the Chennai Super Kings franchise of the Indian Premier League. India Cements Limited, owners of the CSK franchise, decided to transfer the control of the team to a trust, at a transfer price of only Rs 5 lakh. This has forced the ED to conduct a discreet examination, involving the checking of documentation, files, and rules, according to reports.
The CSK franchise was originally sold to India Cements for a price of USD 91 million (Rs 364 crores) in 2008. The ownership was set to be transferred to Chennai Super Kings Limited after the Supreme Court stated that Srinivasan, managing director of India Cements, playing the double role as a board administrator and team owner, was in conflict of interest.
The BCCI's Working Committee will take up this matter at its meeting in Kolkata on 26 April where they will consider appointing an independent valuer to ascertain how much CSK is actually worth. "There are lot of grey areas in the valuation of CSK. The matter will certainly come up for discussion at the Working Committee meeting in Kolkata on April 26. We will get clearer picture about it after WC meeting," an IPL governing council member told PTI.
This matter was also raised in the IPL governing council meeting that took place recently with special invitee Jyotiraditya Scindia expressing his concerns.
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