Question : IPL FRANCHISES

(a) whether the Government is looking into violation of the Companies Act, 1956 by some Indian Premier League (IPL) franchises;

(b) if so, the status of the inquiry;

(c) whether the Enquiry Report has been submitted to the Government; and

(d) if so, the findings thereof and the action taken/proposed to be taken against the franchises found guilty for violating the provisions of the Companies Act?

Answer given by the minister

THE MINISTER OF CORPORATE AFFAIRS (SHRI SALMAN KHURSHID)

(a) Yes, Sir.

(b) to (d): 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:-

Mumbai Indians	Indiawin Sports Pvt Ltd 
Royal Challenger Bangalore	Royal Challenger Sports Pvt. Ltd
Deccan Chargers	Deccan Chargers Sporting Ventures Ltd
Chennai Super Kings	India Cements Ltd
Delhi Daredevils	GMR Sports Pvt. Ltd
Kings XI Punjab	KPH Dream Cricket Pvt. Ltd
Kolkata Knight Riders	Knight Riders Sports Pvt. Ltd
Rajasthan Royals	Jaipur IPL Cricket Pvt. Ltd
Sahara Pune Warriors	Sahara Adventure Sports Ltd
Kochi	Rendezvous Sports World (An Association of persons	not registered under the Act)

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.

Question : IPL FRANCHISES

Answer given by the minister

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