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Violations in IPL shareholding patterns found

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Violations In IPL Shareholding Patterns Found

The Indian government continues to remain involved in the probe surrounding the financial irregularities exhibited by the Indian Premier League franchises. The government announced that there were many violations found in the stakeholder pattern of the various IPL franchises and the Indian Registrar of Companies has been asked to do their job and probe further.

The Minister of State for Corporate Affairs in http://www.senore.com/Cricket/Salman-c88163 Khurshid, said that there were early indications that many of the franchises had not complied with some sections of the Indian Companies Act, 1956.  

The probe into the accounts and the shareholding pattern had been initiated after the second team auction in which the sides of Kochi and Pune were bid and won by the Rendezvous Group and the Sahara Group respectively. The Kochi side was won for an amount of $333 million whereas the Pune franchise was bought for $370 million.

The trouble had begun when the then-IPL chief, Lalit Modi had questioned the existence of sweat equity allocated by the Kochi franchise to Sunanda Pushkar, a close aide of one of the cabinet ministers from http://www.senore.com/Cricket/Kerala-c803. The controversy had escalated into the minister, Shashi Tharoor losing his job and a suspension of Modi from the position of the IPL chief.

This was followed by the Registrar of Companies writing to all the original eight franchises asking them for all information regarding the ownership patterns and the filing of tax returns. There were rumours that some of the players, including Yuvraj Singh, had also not paid their taxes. It was alleged that the Kings XI http://www.senore.com/Cricket/Punjab-c833 batsman had failed to pay almost Rs 10 million in taxes to the government on his income from the first and the second edition of the IPL.
 
It was claimed that three other players, VRV Singh, Sunny Sohal and Uday Kaul would be sent demand notices for not paying the taxes on their incomes from the first couple of seasons of the IPL.

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