Chennai Super Kings’ demerger is “contrary to law” and “invalid” as the franchise continues to be “effectively” owned by the India Cements Ltd, the BCCI has said in its affidavit before the Supreme Court filed last Saturday. The application, with BCCI secretary Anurag Thakur undersigning as deponent, has been filed to seek clarity over N Srinivasan’s eligibility to attend cricket board meetings. The case, however, hasn’t been given a number by the Supreme Court registry yet.
The BCCI maintains that Srinivasan is not allowed to participate in its affairs, while taking a dig at the erstwhile president, speaking about the “danger of there being a public perception that the Applicant is acting in a cavalier fashion.”
The BCCI had adjourned its August 28 working committee meeting in Kolkata over Srinivasan’s presence. “…The Applicant is very mindful of the fact that this Hon’ble Court has made it very clear that Shri N. Srinivasan cannot participate in or attend any such meetings as long as there is a conflict of interest persists,” the BCCI said in the affidavit.
The reason, it added, was that he still has got links with CSK.
“The Applicant states that the so called restructuring of the shareholding pattern of CSK franchise even it is valid does not amount to a change in control of the CSK franchise, which continues to be effectively under the control of India Cements Ltd. Shri N. Srinivasan is the Managing Director with his family members also being Directors of India Cements Ltd. And thus they directly and indirectly retain control of the CSK Franchise,”
The cricket board also dropped a hint that the CSK demerger is nothing but a mere hogwash. “In course of detailed scrutiny of the records revealed that in order to get out of the predominant issue of “conflict of interest”, but at the same time to retain control over CSK, directly and indirectly through India Cements Ltd., a modus was adopted so as to restructure the shareholdings of Chennai Super Kings in such a manner so that ultimate control remains with India Cements Ltd through its share holders,” the affidavit mentioned.
It further stated: “.The extracts of the minutes of the meeting of the Board of Directors of India Cements Limited held on 26.09.2014 were forwarded to the BCCI along with the details of the shareholders of the newly formed “Chennai Super King Cricket Limited” (CSKCL) as wholly owned subsidiary company of ICL.
The BCCI has claimed in the affidavit: . “Srinivasan as the Managing Director and directly and/or through his family is holding more that (sic) 29% shareholding in India Cements Limited is having deep pervasive control over and above the said Company, he also retains control over the Chennai Super Kings the Franchise directly and/or indirectly”.
A CSK insider refuted the claims. “See the matter has already been deposed and we will once again prove Mr Srinivasan no longer holds any stake in the franchise.”