10 August, 2015

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Non Compliance of Companies Act by IPL Team Owning Companies

The Details of Violations of Companies Act by IPL Team Owning Companies as informed by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to Question in Lok Sabha on 8th August, 2015



Sl.  No.Name of the owner of the IPL TeamViolations of the Provisions of Companies Act, 1956.Status in respect of scrutiny of documents under Section 234 of the Companies Act, 1956 ordered in April, 2010.
1.Indiawin Sports Pvt. Ltd.23For non-compliance of Section 23 of the Companies Act, 1956 relating to signing of the franchisee agreement in the erstwhile name, i.e., Rathipriya Trading Pvt. Ltd. on 10.04.2008, the company was warned to be careful.
2.Royal Challengers Sports Pvt. Ltd.No contravention of the Companies Act, 1956 was noticed.
3.Deccan Chargers Sporting Ventures Ltd.Deccan Chargers IPL Team was initially owned by Deccan Chargers Sporting Ventures Ltd., which was a wholly owned subsidiary of Deccan Chronicle Holdings Ltd. On scrutinising the balance sheet of Deccan Chargers Sporting Ventures Ltd., no violations of the provisions of Companies Act, 1956 were noticed.
4.India Cement Ltd.217(2A)On scrutinising the balance sheet of the company, violation of Section 217(2A) of the Companies Act, 1956, relating to not furnishing the particulars of employees in the Director’s Report was noticed and the company was warned. Subsequently, books of account of India Cement Limited were inspected under Section 209A of the Companies Act, 1956. The inspection report is under examination.
5.GMR Sports Pvt. Ltd.The report of the ROC is under examination.
6.KPH Dream Cricket Pvt. Ltd.159, 220Prosecution was filed for non- filing of balance sheet and annual return for the year 2008-09 and the offences have been compounded vide Company Law Board’s order dated 11.05.2011.
7.Knight Riders Sports Pvt. Ltd.383A and  211Prosecution was filed for violations of Sections 383A and 211 of the Companies Act, 1956.  The said offences were compounded by Company Law Board.
9.Sahara Adventure Sports Ltd.No violations of the provisions of the Companies Act, 1956 were noticed.

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