Moneycontrol Bureau
Shares in India Cements fell over 2 percent in afternoon trade after the Supreme Court asked the Board of Control for Cricket in India (BCCI) to act on the Justice Mudgal panel report on the 2013 IPL spot fixing case and said Chennai Super Kings (CSK) must be disqualified “without further enquiry”.
CSK, owned by N Srinivasan’s India Cements, has been in hot water ever since the Mudgal committee report indicted its team principal Gurunath Meiyappan (also son-in-law of the former BCCI chief Srinivasan) for betting and passing on information about the team.
According to IPL rules, a team official found involved in serious violation of its code of conduct can lead to the team being disqualified.
While the Mudgal committee cleared Srinivasan of any wrongdoing related to fixing or betting, the SC reprimanded him after pointing to the conflict of interest that existed with him being the chief of BCCI, which runs the sport in the country, and being the owner of a team that operates in one of its cricket leagues.
“You (Srinivasan) are only assuming that you have been given a clean chit. Don’t go by the Mudgal panel conclusion alone. The question is whether you should at all be serving the BCCI,” the bench last week told the former BCCI chief, who has now been appointed chairman of the ICC.
“Conflict of interest is a serious issue. IPL seems to be a mutually cooperative benefit society between BCCI and IPL teams,” it added.
The hearing in the case is ongoing.
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