New Delhi:
More irregularities have come to light after the Income-Tax (I-T) department went digging for bidding papers of the two new Indian Premier League (IPL) teams - Kochi and Ahmedabad.
Reports suggest bidding papers of Videocon and Adani group are missing and the I-T dept is hunting for them as they may leave a glaring gap in the investigations.
Sources say that on May 7 when the first round of bidding took place, papers were tweaked to favour Dhoot and Adani groups.
The first round had stiff conditions like bank guarantees worth $100 million and net worth of $1 billion. This may have shunted out small bidders for the Kochi, Ahmedabad teams.
The BCCI Chief felt auction norms were twisted to favour the biggies and asked for fresh bidding and that's where Dhoot and Adani lost to Kochi.
In Parliament on Monday, Finance Minister Pranab Mukherjee had announced that the crores poured into the billion-dollar league are being investigated, one cricket team at a time.
"The concerned department has already started investigation process (into the IPL episode). All aspects including sources of funding and routes through which the funds arrived would be looked into. Appropriate action as per law would be taken. No guilty or wrong-doer will be spared," Mukherjee said on Monday, after the Opposition said the IPL was a mess of "gambling and betting." (Read: IPL a gambling ring, says Opposition)
Ownership structure, tax returns, violations of foreign exchange or foreign investment rules will be catalogued. And where listed companies have bought into the IPL, the investigating officials will check whether necessary shareholder approvals have been taken. (Read: IPL a gambling ring, says Opposition)
The IPL has been asked, to submit by Friday, documents that support the different bids made for the current eight franchises, as well as the two new ones for Kochi and Pune, auctioned last month. Details of the payments for different players have also been sought.
Reports suggest bidding papers of Videocon and Adani group are missing and the I-T dept is hunting for them as they may leave a glaring gap in the investigations.
Sources say that on May 7 when the first round of bidding took place, papers were tweaked to favour Dhoot and Adani groups.
The first round had stiff conditions like bank guarantees worth $100 million and net worth of $1 billion. This may have shunted out small bidders for the Kochi, Ahmedabad teams.
The BCCI Chief felt auction norms were twisted to favour the biggies and asked for fresh bidding and that's where Dhoot and Adani lost to Kochi.
In Parliament on Monday, Finance Minister Pranab Mukherjee had announced that the crores poured into the billion-dollar league are being investigated, one cricket team at a time.
"The concerned department has already started investigation process (into the IPL episode). All aspects including sources of funding and routes through which the funds arrived would be looked into. Appropriate action as per law would be taken. No guilty or wrong-doer will be spared," Mukherjee said on Monday, after the Opposition said the IPL was a mess of "gambling and betting." (Read: IPL a gambling ring, says Opposition)
Ownership structure, tax returns, violations of foreign exchange or foreign investment rules will be catalogued. And where listed companies have bought into the IPL, the investigating officials will check whether necessary shareholder approvals have been taken. (Read: IPL a gambling ring, says Opposition)
The IPL has been asked, to submit by Friday, documents that support the different bids made for the current eight franchises, as well as the two new ones for Kochi and Pune, auctioned last month. Details of the payments for different players have also been sought.
- I-T wants bidding documents, contract agreements for 8 franchises
- I-T: Disclose documents supporting ownership, shareholding
- Details of players' auction, payments made
- IPL, BCCI, franchises need to disclose deposits made to them
- I-T: Give details of income, capital payments made to franchises
- IPL, BCCI to give balance sheets, receipts copies
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