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. Â
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