Enforcement Directorate sends show-cause notices to BCCI

Updated: 27 August 2012 17:48 IST

The Enforcement Directorate on Monday, issued show-cause notices to the Board of Control for Cricket in India for committing FEMA contraventions in acceptance of performance deposits amounting to Rs 60 crores for award of contracts for the conduct of Indian Premier League (IPL).

Enforcement Directorate sends show-cause notices to BCCI
©

Mumbai:

The Enforcement Directorate on Monday, issued show-cause notices to the Board of Control for Cricket in India for committing FEMA contraventions in acceptance of performance deposits amounting to Rs 60 crores for award of contracts for the conduct of Indian Premier League (IPL).

ED's investigations have revealed that the BCCI accepted performance deposit of Rs 20 crores from M/s Emerging Media Sporting Holdings Ltd, UK (bidding for IPL franchise Rajasthan Royals) and Rs 40 crores from M/s.MSM Satellite (Singapore) Pte Ltd (bidding for TV broadcast contract).

The directorate has issued show-cause notices to BCCI and its officials - Lalit Modi, N. Srinivasan and Niranjan Shah and the HDFC Bank, ITC Centre, Annasalai, Chennai Branch, and its officials.  

The notices also propose confiscation of these deposits of Rs. 60 Crores confiscation of these deposits of Rs. 60 Crores.

Note: FEMA stands for Foreign Exchange Management Act


Topics : Cricket Lalit Modi
Related Articles
BCCI To Root For Deferment Of ICC Decision On New Revenue Plan
BCCI To Root For Deferment Of ICC Decision On New Revenue Plan
MI vs RPS: Steve Smith Praises Ben Stokes, Jaydev Unadkat For Helping Team Win
MI vs RPS: Steve Smith Praises Ben Stokes, Jaydev Unadkat For Helping Team Win
IPL 2017: Why Virat Kohli Was Livid After Being Dismissed For a First-Ball Duck
IPL 2017: Why Virat Kohli Was Livid After Being Dismissed For a First-Ball Duck
Show Comments
Advertisement