"Obviously, it looks bad because out of all the teams that have played in Mumbai, out of all the age groups, Ranji Trophy is the only team that had gone into the knock out stages and the coach of that team has been sacked. So, it is not a nice thing. Probably they should have waited for one-dayers and T20s to finish and then probably taken a decision then," Jaffer told reporters at an Indian Oil event.
Kulkarni was sacked after the 40-time champions' early exit from this season's Ranji Trophy tournament, despite being given a bonus of Rs 28 lakh for the team's triumph last year.
The defending champions were knocked out from the premier domestic tournament at the quarter-final stage at their home turf by Maharashtra.
Asked about Sachin Tendulkar receiving the Bharat Ratna from the President of India on February 4 at Rashtrapati Bhavan in New Delhi, Jaffer said, "What can one say about Sachin. He has given everything. He has given us so much joy over a period of 28 years and even before that.
"I am delighted. He is the first sportsperson to get the award. I hope lot of other sportspersons (get it). There is a talk of Dhyanchand probably getting it and even Milkha Singh. I am very happy and proud that he (Tendulkar) is from Mumbai."
The tournament will be played in T20 format on league-cum-knock-out basis, with participation from seven oil companies, including Indian Oil, ONGC, BPCL, GAIL, EIL, HPCL and OIL.
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