IPL: India Cements to transfer CSK to a wholly-owned subsidiary

New Delhi: Embattled Board of Control for Cricket in India (BCCI) President N Srinivasan-led India Cements will transfer its Indian Premier League (IPL) team Chennai Super Kings (CSK) to a new subsidiary. In a filing to the BSE, India Cements said it has completed the required documentation for transfer of CSK franchise to Chennai Super Kings Cricket Limited."The Board will consider at the meeting on February 11, 2015 reorganisation proposals relating to the said subsidiary," it said.[caption id="attachment_2084243" align="alignleft" width="380"] File picture of N Srinivasan. PTI[/caption]Earlier on September 26, 2014, the Board of Directors of the company had approved the proposal to demerge CSK into a wholly-owned subsidiary of the company, by ransferring its net assets at cost.It had stated that the effective date of transfer will be January 1, 2015.Last month a Supreme Court bench of Justice T S Thakur nd Justice F M I Khalifulla had assailed the amendment in CCI rules permitting cricket administrators like Srinivasan o have commercial interest by owing teams in IPL and Champions League and said it was bad on grounds of conflict of interest.The apex court directed that BCCI elections be held in six weeks "subject to the condition that no one who has any commercial interest in the BCCI events (including N Srinivasan) shall be eligible for contesting the elections for any post whatsoever".The rider in the judgement would make it probably difficult for Srinivasan to become the BCCI President, unless he quickly relinquished his interest in the CSK.PTI