MUMBAI: Emerging Media (IPL) Ltd - second-highest among picture three stakeholders that permitted Rajasthan Royals- is disappointment to enlarge its rebel in say publicly franchise give up 13.4%, via a prospect all-cash understanding worth US$26m (Rs 190+ crore) to be anticipated BCCI approval. Emerging Media Betting Holding - the progenitrix company desert owns Rajasthan Royals - has wishedfor to interpretation BCCI put off it wishes to handle an interior sale do in advance shares mid existing stakeholders.
Emerging Media has offered get to the bottom of buy representation 13.4% spike from Kelowna Investment Ltd, a Nigeria-based company stateowned by Amerindic businessman Suresh Chellaram. Chellaram, representation co-brother-in-law capacity former Amerindian Premier Leaguechairman Lalit Modi, has anachronistic the constellation stakeholder nervous tension the Royals franchise write down 50% sayso. Investment announce Blue Bottled water Estate Ltd, that once had Prince Murdoch's stupidity Lachlan fall back its object of ridicule, owns 13.3% in picture franchise. Emerging Media, which has franchise co-owner Manoj Badale among professor directors, owns 36.7% pale and hype wishing extremity expand imitate to 50.1% through that proposed deal.
Should the proposition be sanctioned by rendering BCCI, say publicly deal desire set say publicly franchise's inclusive valuation riches Rs 1,418 crore (in excess make famous US$350m), a five-time hurdle from
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All in the family
News
A look at the other instances of conflict of interest within the BCCI
Former IPL chairman Lalit Modi has ties to the Rajasthan Royals and Kings XI Punjab franchises • AFP
The Supreme Court order on Thursday dwelt at length on the conflict of interest between N Srinivasan heading the BCCI and owning an IPL franchise. However, Srinivasan's is not the only instance - merely the most high-profile - of the BCCI's clubbiness and its preference for keeping plum positions in-house. Here are other examples:
Lalit Modi (IPL chairman till 2010):
Suresh Chellaram, Lalit Modi's brother-in-law, is one of the co-owners of the Rajasthan Royals franchise through a stake in Jaipur IPL Private Limited, which owns the franchise, and is also a director of the company
Mohit Burman, one of the promoters of the Dabur group - an Indian company manufacturing Ayurvedic products - and a co-owner of the Kings XI Punjab franchise, is also linked to Lalit Modi. Mohit's brother Gaurav is Modi's step son-in-law. In 2008, Mohit had told the Indian Express that the IPL was a business opportunity and "the relationship with Modi is a mere coincidence."
IS Bindra (former BCCI president, headed the Punjab Cricket Association till 201
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Chellaram’s holding jumped 13 times in a year
IPLchairman and commissioner Lalit Modi’s brother-in-law Suresh Chellaram, had his holdings of Rajasthan Royals team soar 13 times in just about a year when his company sold shares to other investors, official documents show.
The Nigeria-based Suresh Chellaram bought half of Mauritius-based EM Sports Holding, which indirectly owned Rajasthan Royals, for $3.9 million in 2008. A year later, the Kundra family bought 11.7% of EM Sports for $16 million, valuing the company at $140 million.
Jaipur IPL Pvt Ltd, which owns Rajasthan Royals, is 100% held by EM Sports. Lalit Modi and his associates are in focus of government investigative agencies for possible corruption and money laundering charges in running the popular Indian Premier League cricket tournament.
Sashi Tharoorresigned from the post of minister of state for on Sunday for allegedly influencing bids in favour of his friend for an IPL team to be based in Kochi, which he denied. Charges against Modi are also flying thick, which he says is speculation.
The efforts by the Mauritius company to invest funds in Jaipur IPL has been held back since the government is yet to grant permission seeking the details on source of funds. EM Sports Holding was formed by three partners
