The Registrar of Companies (RoC) has asked all franchises of the Indian Premier League (IPL) to file their annual reports by May 3 or face action. Mumbai, Chennai, Bangalore and Hyderabad franchises have made their filings, while others are expected to do so soon.
Also, not all have responded to the RoC notice that bind the partners (like issue of sweat equity). Ministry of Corporate Affairs officials, though, said the franchises that own Delhi and Punjab teams have responded to the RoC demand. Jaipur, Kolkata and the newly announced Kochi and Pune teams complete the list of IPL franchises.
Corporate Affairs Minister Salman Khurshid said: “Prima facie, there is nothing wrong or of unusual nature in the balance sheets that we have received.”
Company’s law prescribes a small fine to the defaulters. Terming the fine as more like a “parking ticket to an Arab Sheikh”, Khurshid said the RoCs are looking at various means to raise the compliance level.
The RoCs have been collecting basic information such as the memorandum of association, annual reports, terms and conditions that bind each franchise and ownership pattern etc from IPL franchises soon after the IPL came under government scanner early this month.
