Government has directed the Registrar of Companies (RoCs) to collect all details on IPL franchises, the bidding process and the sweat equity. It also sought information on memorandum of association and franchise agreement. <br/> <br/>The Minister for Corporate Affairs Salman Khurshid said that his ministry will find out the rules of engagement of all IPL franchises. <br/> <br/>Widening its probe into the IPL imbroglio, a team of economic investigators is being sent by the Government to Mauritius. The team will probe certain companies through which several hundred crores of rupees are suspected to have been routed into some consortiums owning league cricket teams. <br/> <br/>The decision to send the teams was taken after preliminary probe by central investigative agencies showed that large amounts of funds were moved through specific Mauritius-based firms which were set up in 2008 when the first IPL came into being. <br/> <br/> Meanwhile eight investigation wings of the Income Tax department spread across the country will coordinate the probe into the source of IPL funds and bidding in an effort to gain further information on the financial details of franchises. <br/> <br/>I-T investigation directorates in Pune, Kochi, Delhi, Bangalore, Hyderabad, Chandigarh, Kolkata and Mumbai have been galvanised into action after initial reports were sent to these offices from the information sourced by the I-T department in Mumbai from IPL Commissioner Lalit Modi's office and BCCI headquarters. <br/>
News On AIR | April 21, 2010 12:18 PM
Govt asks Registrar of Companies to collect all details regarding IPL