BCCI chief's kin comes under a cloud

India Cements stock cracks as betting accused names Chennai Super Kings CEO

The spot-fixing scandal, which has cast a shadow on the Indian Premier League (IPL), has opened a Pandora’s box. After cricketers, bookies and a couple of Bollywood personalities, the trail appears to have reached the doorsteps of the Board of Control for Cricket in India (BCCI) Chairman N Srinivasan.

The name of his son-in-law, Gurunath Meiyappan, cropped up on Wednesday during investigations carried out by the Mumbai Police. Police sources said Bollywood actor Vindoo Dara Singh, who was arrested yesterday for his involvement in betting, had talked about his links with Meiyappan, the team principal of CSK and CEO of owner India Cements.

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Police sources added, though Singh had admitted he placed several bets on behalf of Meiyappan, the records of telephonic conversations between the two were being verified and a decision on questioning Meiyappan would be taken only after that. “So far, there is no definite evidence of spot-fixing against Meiyappan,” the sources said. (THE BUSINESS OF T20 CRICKET)

Meiyappan is married to Srinivasan’s daughter, Rupa, who is a director of India Cements.

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When contacted, a CSK official said: “As of now, we don’t have much to share on this. We will keep you posted once we have an update”. A senior India Cements official declined to comment on the issue and said it was unlikely the company would issue a statement.

The India Cements shares on Wednesday fell 10.16 per cent to Rs 76.05 on reports the Mumbai Crime Branch might soon summon Meiyappan for questioning, on the basis of call records between him and Singh. The stock has been under pressure since the firm reported lower-than-expected fourth-quarter results two days ago.

Police sources did not rule out the possibility of carrying out probe into a Bollywood connection in the IPL spot-fixing scandal. Two actresses are believed to be under lens. A total of 18 people have been arrested so far in the case.

BCCI earned Rs 265.14 crore from IPL in 2011-12, which was more than double the Rs 118.76 crore in 2010-11. IPL accounted for over a third of its total revenues in 2011-12, compared with 20.4 per cent in 2010-11. According to a Brand Finance report, the IPL brand is valued at $3.03 billion (Rs 16,362 crore) this year, four per cent higher than last year’s $2.92 billion (Rs 15,768 crore).

It has been a bonanza for players, too. Based on the cap for each team, the franchises could pay up to $112.5 million (Rs  625 crore) a year on payment to players. Conservative estimates suggest about Rs 400 crore is currently being spent on players each year.

The Delhi High Court on Wednesday agreed to hear a plea seeking a direction to the Centre for taking control of IPL by separating it from BCCI. The court, however, refused to ban the cricket tournament.