Parliamentary panel to discuss financial flaws in IPL

The Parliamentary Standing Committee on Finance is expected to grill income-tax authorities in connection with the ongoing probe into the alleged financial irregularities in the Indian Premier League (IPL).

IPL is already being charged with violating the Companies Act and the Income Tax Act. The Standing Committee has asked officials of the Department of Revenue, Central Board of Direct Taxes and the Enforcement Directorate to appear before it on June 15.

A member of the committee told Business Standard on condition of anonymity: “This is for the first time since the IPL controversy erupted in April and the subsequent inquiry launched by the Income Tax Department that the committee will take up the issue for deliberations. The panel will take stock of the situation and seek further details from the income-tax authorities during the meeting.”

The move is crucial especially when the Centre has yet to decide on forming a joint parliamentary committee to probe the alleged financial flaws in IPL.

Sources informed that the department had already asked all the IPL teams to provide details about their finances.