17 April 2024 last updated at 13:13 GMT
Lodha Committee: Board, Yes Bank asked to stop fund disbursements
Monday 03 October 2016
Lodha Committee: Board, Yes Bank asked to stop fund disbursements
The Lodha Committee has expressed strong reservation against the BCCI on Monday for disbursing "large funds to the various members associations" at the Indian cricket board's Special General Meeting (SGM) in Mumbai on Friday.
Referring to the direction to the BCCI to not decide on anything beyond routine matters, the Lodha Committee termed the board's decision to release payments to member associations as "illegal".
"It has come to the notice of this Committee that certain decisions have been taken at the 'SGM' of the BCCI on 30th September, 2016 to disburse large funds to the various member associations. You are aware that by way of this Committee's direction dated 31.8.2016, no further decisions were to be taken regarding the future apart from routine matters. The disbursement of these amounts are not routine, and in any case, not emergent," Gopal Sankaranarayanan, secretary of the Lodha Committee, said in a press release.
The letter, which is addressed to BCCI secretary Ajay Shirke, treasurer Anirudh Chaudhry, CEO Rahul Johri and Rana Kapoor of Yes Bank, also talked about how the BCCI has openly breached the Supreme Court's order. "You are also aware that the BCCI has chosen to breach the judgment of the Hon'ble Supreme Court as well as the first set of Timelines set out by this Committee which includes the Fund Disbursement policy to be framed by 30.9.2016," said the release.
The Lodha Committee also took the decision to email Kapoor because the BCCI has been doing all its major financial dealing for the last three-odd years with Yes Bank. Therefore, both the BCCI and Yes Bank have been told not to disburse any funds until the Supreme Court hears the matter on October 6.
"As the status report is to be taken up for directions by the Hon'ble Court on Thursday, 6.10.2016, you are hereby directed not to take any steps towards financial disbursement of the amounts as resolved/approved after the direction dated 31.8.2016. Any violation of this direction will be placed before the Hon'ble Supreme Court for appropriate directions," warned Sankaranarayanan.
The Lodha Committee has expressed strong reservation against the BCCI on Monday for disbursing "large funds to the various members associations" at the Indian cricket board's Special General Meeting (SGM) in Mumbai on Friday.Referring to the direction to the BCCI to not decide on anything beyond routine matters, the Lodha Committee termed the board's decision to release payments to member associations as "illegal".
"It has come to the notice of this Committee that certain decisions have been taken at the 'SGM' of the BCCI on 30th September, 2016 to disburse large funds to the various member associations. You are aware that by way of this Committee's direction dated 31.8.2016, no further decisions were to be taken regarding the future apart from routine matters. The disbursement of these amounts are not routine, and in any case, not emergent," Gopal Sankaranarayanan, secretary of the Lodha Committee, said in a press release.
The letter, which is addressed to BCCI secretary Ajay Shirke, treasurer Anirudh Chaudhry, CEO Rahul Johri and Rana Kapoor of Yes Bank, also talked about how the BCCI has openly breached the Supreme Court's order. "You are also aware that the BCCI has chosen to breach the judgment of the Hon'ble Supreme Court as well as the first set of Timelines set out by this Committee which includes the Fund Disbursement policy to be framed by 30.9.2016," said the release.
The Lodha Committee also took the decision to email Kapoor because the BCCI has been doing all its major financial dealing for the last three-odd years with Yes Bank. Therefore, both the BCCI and Yes Bank have been told not to disburse any funds until the Supreme Court hears the matter on October 6.
"As the status report is to be taken up for directions by the Hon'ble Court on Thursday, 6.10.2016, you are hereby directed not to take any steps towards financial disbursement of the amounts as resolved/approved after the direction dated 31.8.2016. Any violation of this direction will be placed before the Hon'ble Supreme Court for appropriate directions," warned Sankaranarayanan.
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