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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Agencies
July 11,2020

New Delhi, Jul 11: A notice which claims that a COVID-19 Monitoring Committee has been formed is fake, and no such committee has been set up by the Union Home Ministry, as per Spokesperson, Ministry of Home Affairs (MHA).

The "Fake" MHA order stated, "Pursuant to the official orders received dated: Monday, May 18, 2020, of the Honourable Minister of Home Affairs, passed in the approval of Special Status Advisory Committee for COVID-19, a COVID-19 Monitoring Committee has been constituted in the MHA vide order dated: Friday, June 12, 2020."

MHA Spokesperson also cautioned people to beware of fake news and rumours.

India's COVID-19 case count crossed the eight lakh-mark on Saturday with yet another highest single-day spike of 27,114 new cases in the last 24 hours.

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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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Agencies
March 15,2020

New Delhi, Mar 15: The new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and credit cards.

RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.

These rules will be applicable for new cards from March 16. Those with old cards can decide whether to disable any of these features.

As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.

Debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop from March 16.

The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week.

If the customer makes any change in the status of the card, the bank will alert the customer through SMS/email and send the information.

Issuers shall provide to all cardholders facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions -- domestic and international, at PoS/ATMs/online transactions/contactless transactions, etc.,

The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.

The latest instructions come in the wake of rising instances of cyber frauds and the huge increase in the use of cards.

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