Moneycontrol Bureau
Shares of India Cements jump 4 percent after the Mudgal report has given clean chit to India Cements MD N Srinivasan in regards to betting and spot-fixing in the 2013 Indian Premier League (IPL). The Justice Mudgal Committee report has also given clean chit to his son-in-law Gurunath Meiyappan.
The report confirmed that he and his son-in-law Gurunath Meiyappan were not involved in match-fixing; however, Srinivasan was aware of corruption in the IPL and Meiyappan did place bets.
Findings of the report were made public by the Supreme Court on Monday that, while sparing Srinivasan and Meiyappan on match-fixing, indicted Rajasthan Royals' co-owner Raj Kundra for involvement in betting.
About Srinivasan, the committee's findings only said that he failed to take action despite being aware of corruption in the IPL. "Srinivasan and four others were aware of the violation of Players Code of Conduct but did not take any action," the report says. It also said Srinivasan did not try to scuttle IPL probe by the Mudgal Committee.
At 14:49 hrs India Cements was quoting at Rs 113.60, up Rs 4.75, or 4.36 percent on the BSE.
(With inputs from Ibnlive.com)
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