BCCI to constitute working group on IPL verdict

July 19, 2015

Mumbai, Jul 19: Under pressure to resolve the crisis triggered by Justice R M Lodha committee's verdict on the IPL betting scandal, an embattled BCCI today decided to constitute a working group to study the order and give recommendations within six weeks.

bcciThe decision to form the group was taken at the crucial IPL Governing Council meeting here where members discussed the implications of the verdict, suspending Chennai Super Kings and Rajasthan Royals from the IPL for two years.

The BCCI said that it will adhere to the verdict in totality. The Board will reveal the names of the working group members tomorrow.

"BCCI respects the verdict of the Lodha Commission and will abide by their decisions, in toto. The members recognised that there is an urgent need to understand the impact of this decision and the wider ramifications for BCCI in detail, so as to uphold the paramountcy of the game in our country," the Board said in a statement after the meeting which lasted little over an hour.

"The IPL GC hence authorised the Chairman, Shri Rajeev Shukla, to constitute a working group which will study this verdict, in consultation with all our key advisors and explore all the possible measures to be adopted, with an objective to protect the interests of all the stakeholders involved," it added.

The Board said the recommendations of the group will be sent to the BCCI's all-powerful working committee.

"This group will work within a time bound period of 6 weeks and report their recommendations to the IPL GC, which will deliberate and share their views with the working committee of the BCCI, for further action," it said.

IPL Chairman Rajeev Shukla said the members of the group would be finalised by tomorrow.

"House has entrusted me with responsibility to make a small group that will take 6 weeks to submit a report as to how we implement the order and way forward for IPL.

How to conduct IPL, how many teams and all stakeholders CAC members, sponsors, broadcasters, state associations, legal experts that report will come to GC and it will go WC which will take decision," Shukla said.

"Members will be announced tomorrow. We have decided to implement Justice Lodha verdict in spirit and decided to work accordingly. All stakeholders have given their opinion, everybody is of the view that the show must go on. And I reiterate that IPL 9 will be bigger and greater," he asserted.

Shukla, however, refused to reveal the details of today's meeting and took a jibe at former BCCI President Shashank Manohar for demanding that CSK and RR be terminated.

"We cannot divulge the deliberations of the meeting. A sub-group has been constituted which will recommend what needs to be done.

"A Supreme Court-appointed committee has deliberated on it (the IPL scandal) and after it has given its verdict, I don't think there is scope for anybody else to comment," he said.

BCCI President Jagmohan Dalmiya skipped the meeting as he is indisposed, while Ajay Shirke, Ravi Shastri and Jyotiraditya Scindia joined through video-conferencing.

The meeting was result of the turmoil triggered by the Justice Lodha committee verdict.

Star-studded Chennai Super Kings, two-time IPL champions, and inaugural edition winners Rajasthan Royals were suspended from the T20 League for two years as punishment for betting activities of their key officials Gurunath Meiyappan and Raj Kundra during the 2013 season.

Meiyappan, the former Team Principal of CSK, and Kundra, co-owner of the Rajasthan Royals, were suspended for life for indulging in betting and bringing the IPL and the game into disrepute.

Justice Lodha Committee was constituted by the Supreme Court in January this year with its terms of reference being to announce the quantum of punishment against Meiyappan, Kundra and the two franchisees -- India Cements Ltd, owner of CSK and Jaipur IPL, owners of Rajasthan Royals.

Justice Lodha has said that the BCCI was free to terminate the indicted franchises.
Lodha's clarification came in the wake of some confusion over the committee's proposal, specifically over the extent to which the BCCI can act against the two franchises as follow-up to the committee's decision.

Clause 11.3 (c) of the BCCI-IPL franchise agreement says the agreement can be terminated if "the Franchise, any Franchise Group Company and/or any owner acts in any way which has a material adverse effect upon the reputation or standing of the League, BCCI-IPL, BCCI, the Franchise, the team (or any other team in the League) and/or the game of cricket."

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News Network
May 18,2020

May 18: Goldman Sachs expects India will experience its deepest recession ever after a poor run of data underscored the damaging economic impact of lockdowns in the world’s second-most populous nation.

Gross domestic product will contract by an annualized 45% in the second quarter from the prior three months, compared with Goldman’s previous forecast of a 20% slump. A stronger rebound of 20% is now seen for the third quarter, while projections for the fourth quarter and first of next year are unchanged at 14% and 6.5%.

Those estimates imply that real GDP will fall by 5% in the 2021 fiscal year, which would be deeper than any other recession India has ever experienced, Goldman economists Prachi Mishra and Andrew Tilton wrote in a note dated May 17.

India’s government has extended its nationwide lockdown until May 31, while further easing restrictions in certain sectors to boost economic activity, as coronavirus cases escalate across the country. The announcement followed Finance Minister Nirmala Sitharaman’s fifth briefing in as many days, in which she outlined details of the country’s $265 billion virus rescue package, which is equivalent to 10% of India’s GDP.

 “There have been a series of structural reform announcements across several sectors over the past few days,” the Goldman economists wrote. “These reforms are more medium-term in nature, and we, therefore, do not expect these to have an immediate impact on reviving growth. We will continue to monitor their implementation to gauge their effect on the medium-term outlook.”

Infections are surging across the South Asian nation of 1.3 billion people, with more than 91,300 infections, including 2,897 deaths as of Sunday, according to data from Johns Hopkins University.

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News Network
June 20,2020

Hyderabad, Jun 20: IAF Chief Air Chief Marshal RKS Bhadauria on Saturday said that the force is well prepared and suitably deployed to respond to any contingency and it will never let the sacrifice of the bravehearts of Galwan go in vain.

"It should be very clear that we are well prepared and suitably deployed to respond to any contingency. I assure the nation that we are determined to deliver and will never let the sacrifice of the braves of Galwan go in vain," IAF Chief Air Chief Marshal Bhadauria said here.

Bhadauria was speaking at the Combined Graduation Parade (CGP) at Air Force Academy in Hyderabad.

His remarks come days after 20 Indian soldiers lost their lives in the violent face-off on June 15-16 during an attempt by the Chinese troops to unilaterally change the status quo during the de-escalation in eastern Ladakh.

Speaking about the current border situation with China, he said: "We are aware of the situation, be it on LAC or beyond, be it their air deployments, their posture and kind of deployments. We've full analysis and we have taken necessary action that we need to take to handle any contingency that may come up."

"We are monitoring all the moments and we are aware of the full situation," he added.

He further said that in spite of the "unacceptable Chinese action" at Galwan Valley in eastern Ladakh, which claimed lives of 20 Indian Army personnel, efforts are underway to ensure that the current situation at the Line of Actual Control (LAC) is resolved peacefully.

He asserted that the IAF is determined to deliver and the development at the LAC in Ladakh is a small snapshot of what the force is required to handle at short notice.

The IAF Chief further appealed to people to join him in paying tribute Colonel Santosh Babu and his brave men who made the sacrifice while defending the LAC in Galwan valley.

"The gallant actions in a highly-challenging situation have demonstrated our resolve to protect India's sovereignty at any cost," the Indian Air Force (IAF) chief said.

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Agencies
May 17,2020

New Delhi, May 17: Eight of the 10 most valued domestic firms suffered a combined erosion of Rs 1,37,311.31 crore in market valuation last week, with Reliance Industries (RIL) taking the biggest knock.

Only Bharti Airtel and ITC from the top-10 list managed to close the week with gains.

RIL's market cap plunged Rs 65,232.46 crore to Rs 9,24,855.56 crore.

The market valuation of HDFC Bank declined Rs 22,347.07 crore to Rs 4,87,083.88 crore and that of Hindustan Unilever Limited tanked Rs 13,192.26 crore to Rs 4,77,458.89 crore.

ICICI Bank's market cap dropped Rs 9,770.06 crore to Rs 2,08,900.79 crore.

Infosys witnessed a decline of Rs 9,518.84 crore in valuation to reach Rs 2,77,814.09 crore while that of HDFC tumbled Rs 9,370.38 crore to Rs 2,83,293.70 crore.

The m-cap of Kotak Mahindra Bank slipped by Rs 7,805.2 crore to Rs 2,25,327.22 crore.

Tata Consultancy Services' market valuation dipped Rs 75.04 crore to Rs 7,10,439 crore.

In contrast, Bharti Airtel added Rs 13,147.89 crore to its valuation to stand at Rs 3,02,292.43 crore.

ITC's valuation also rose by Rs 7,744.11 crore to Rs 2,02,330.13 crore.

In the ranking of top-10 firms, RIL retained the number one spot, followed by TCS, HDFC Bank, HUL, Airtel, HDFC, Infosys, Kotak Mahindra Bank, ICICI Bank and ITC.

During the last week, the Sensex declined 544.97 points or 1.72 per cent.

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