The group which has been approved by the International Boxing Association (AIBA) to be a provisional representative of India till a new federation takes charge is an amalgamation of corporates and long-serving officials with two prominent sponsors of the sport taking the administrative plunge.
The CMD of long-time Indian boxing sponsor Monnet Ispat Limited, Sandeep Jajodia, and owner of India's World Series of Boxing franchise, Udit Sheth are part of the consortium which has got the AIBA's nod for provisional representation.
"A presentation was made to the AIBA Executive Committee on BOXING INDIA : BOUT OUTSIDE THE RING led by Mr Sandeep Jajodia CMD, Monnet Ispat Ltd, primary sponsor and keen supporter of boxing, Mr Udit Sheth, WSB India Franchise rights holder and supported by Mr Jay Kowli, President, Maharashtra Boxing Association, International R&J at 2012 London Olympics, Secretary, AIBA Youth Commission duly supported by a team of Indian boxing enthusiasts and achievers who over the years have contributed towards development of Indian Boxing," the group said in a joint statement.
"The AIBA Executive Committee was impressed by the new vision and planned initiatives for reviving the sport of boxing in India and has given them the opportunity to setup a new boxing federation," it added.
The AIBA Executive Committee approved the application of Boxing India (The Bout outside the Ring) as provisional new AIBA member for India until ratification by the AIBA Congress, following recommendations by the AIBA Evaluation Committee.
"It is an honour that AIBA appreciated the proposal put forth by us. We will support the principles of AIBA in terms of ethics and fairness and work within the framework to further enhance various boxing programs in the country. We look forward to forming a new Federation by holding a free and fair elections and adopting the new constitution," said Jajodia.
"I am glad that AIBA has shown faith in us and look forward in working with all stakeholders in forming the new governing body. These efforts will help us revive the WSB Franchise in the country and help create an impact at the world stage," added Sheth.
Transstadia owned the WSB franchise of Mumbai Fighters till 2012 before losses forced them to back off.
"Our aim is not to run the Federation but get the WSB franchise back in the country. For this we need the support of all the stakeholders, there is no conflict with anybody," a spokesperson of the group told PTI when asked about the factionalism in the terminated IABF.
India's representative at the AIBA, Kishen Narsi said it augurs a fresh start for Indian boxing.
"The news is very heartening for all the stakeholders of boxing. I look forward to an early formation of a new boxing Federation duly supported by IOA and recognised by the Ministry of Youth Affairs and Sports," he said.
It was on March 3 that the AIBA Executive Committee decided to terminate India "due to serious violations of the AIBA Statutes and Bylaws".
Following this, it was decided to establish a new National Federation in India with the right group of people who would support the principles of AIBA in terms of ethics and fairness.
For that, AIBA launched an Evaluation Committee to assess all the applications received by potential groups or individuals interested in establishing a new Federation -- the deadline to submit applications was April 28.
The newly selected Boxing India has been asked to submit its plan to hold a General Assembly as soon as possible to conduct the elections for its executives, which should also be approved by AIBA.
"The official new AIBA Member Federation in India will be launched immediately after these elections and will start to govern the sport of boxing in India with the full recognition of AIBA," the AIBA had stated.