The ministry of corporate affairs seeks info on 7 parameters
MCA would not investigate BCCI or IPL as they are not an incorporated company.
The ministry of corporate affairs (MCA) has asked the registrars of companies (RoCs) in Mumbai, Pune, Chandigarh, Delhi, Chennai, Bangalore and Hyderabad to get detailed information from the 10 IPL franchises on seven parameters by next week.
The parameters are 1) memorandum and article, 2) annual report of the last three years of business, 3) terms and conditions of business, 4) details of management, 5) ownership, percentage of ownership and percentage of ownership in a franchise, 6) details of number of people allotted sweat equity and details of sweat equity if it is surrendered, and 7) object clause of business, which includes copy of the franchisee agreement with the IPL management.
MCA would not investigate BCCI or IPL as they are not an incorporated company.
It would, however, probe whether the sweat equity offered to Sunanda Pushkar by Rendezvous Sports World was legitimate. She exited the free equity recently, but probe would continue as exiting sweat equity is one of the seven parameters.