Beleaguered Lalit Modi found support from Bangalore owner Vijay Mallya, who credited the IPL commissioner for the cash-awash Twenty20 league's mind-boggling success.
Throwing his weight behind Modi, Mallya said IPL owes its success to Modi and also wondered at the hue and cry raised over trans-border transaction by some of the IPL franchisees.
"Unfortunately, this entire issue has snowballed into an unnecessary storm," Mallya said.
"As far as I'm concerned, I'm full of appreciation for what Lalit Modi has delivered through the IPL. If he has issues with the Government of India, that's his private matter and he needs to deal with it," said the liquor and aviation tycoon.
Modi opened a Pandora's box when he revealed the IPL Kochi franchise ownership, which cost union minister Shashi Tharoor his job, while the Income Tax authorities raided IPL office in Mumbai, grilled Modi and shot off a 10-point questionnaire to the Board of Control for Cricket in India.
Allegations of money laundering and betting are also doing the rounds and Finance Minister Pranab
Mukherjee said all aspects, including the sources and routes of funding of teams, will be thoroughly probed.
Mallya, however, sees nothing wrong with the transaction made through Mauritius.
"Cross-border transaction is part and parcel of the growth and development of Indian economy. Just because some investment has been routed through Mauritius doesn't make it tainted investment," said Mallya.
He said Bangalore has a clean slate and he has no doubts that other franchises also have unsullied record.
"As far as Bangalore is concerned, we've notified the stock exchange, replied to the Registrar of Companies and we are clean. I'm sure all other franchises would also love to be transparent," Mallya told a television channel.
He also dismissed reports that the franchise owners are meeting for Friday's IPL Award ceremony in Mumbai where they would discuss the issue with BCCI officials, after which Modi would be removed from the IPL commissioner's role.
"I'm not aware of any such meeting. But if there is a meeting of the franchise owners, I will attend as I always do. But as of now, I'm not aware of any such initiative to dislodge Modi," Mallya said.
Modi appreciated Mallya's gesture, who credited the IPL Commissioner for the high-profile Twenty20 event's mindboggling success.
"Thanks @thevijaymallya for the support..... truly appreciate your gesture," Modi wrote on his twitter page.
Meanwhile, the chief of the Sahara Group, Subroto Roy, told a television news channel that Modi has done great work for the IPL.
Showing posts with label modi. Show all posts
Showing posts with label modi. Show all posts
Tuesday, April 20, 2010
Friday, April 16, 2010
Lalith Modi Grilled by Income Tax Official
Lalit Modi was tonight questioned by Income Tax officials over the financial dealings and share holding patterns of IPL amid allegations and counter-allegations over the bidding process for franchisees.
Modi was first quizzed for over an hour from 1915 hours at Nirlon House in Worli area where his offices are located. A second team of I-T officials questioned him thereafter.
Official sources said the I-T team's visit was part of a "source probe" that has been initiated by the Revenue Department to look into the financing aspects of the multi-crore IPL in the wake of the controversy over the funding of IPL Kochi, the new franchisee.
The I-T action comes in the wake of accusations questioning the funding and bidding process that governed all the teams after controversy erupted over the Kochi bid which involved union minister Shashi Tharoor.
IPL Commissioner Lalit Modi said the IT team's visit was only an inquiry and not a raid and assured that the IPL will "fully cooperate" in the inquiry.
The I-T department has created a special cell in Mumbai to keep a tab on all income generated by the IPL, the sources said.
Modi was continuing to be questioned late in the night as a third team of I-T officials reached his office around 2300 hours.
Sources said the probe has been initiated to find out if there is any illegal flow of funds, involvement of underworld and betting syndicates and whether any black money in being pumped into the sporting extravaganza including from foreign shores.
Modi had divulged names of the Kochi franchise while alleging that Minister of State for External Affairs Shashi Tharoor had asked him not to reveal the names of the promoters which included Sunanda Pushkar, a close friend of his.
Tharoor is alleged to have played a role in Sunanda getting free equity worth Rs 70 crore in IPL Kochi, a charge denied by the minister.
The probe move came as the CPI-M said the government should inquire into the source of certain funds flowing into the tournament and reconsider whether any tax exemptions or concessions are justified for this commercial enterprise.
"There is an inquiry. It is not a raid. The I-T officials are possibly looking for the details of the tender (for Kochi team). We will extend all possible cooperation to them," Modi earlier told PTI.
Immediately after the I-T officials visited the offices of BCCI-IPL at Wankhede stadium here, Modi rushed to the headquarters to meet them. Thereafter Modi and I-T officials moved to Nirlon House.
Modi was first quizzed for over an hour from 1915 hours at Nirlon House in Worli area where his offices are located. A second team of I-T officials questioned him thereafter.
Official sources said the I-T team's visit was part of a "source probe" that has been initiated by the Revenue Department to look into the financing aspects of the multi-crore IPL in the wake of the controversy over the funding of IPL Kochi, the new franchisee.
The I-T action comes in the wake of accusations questioning the funding and bidding process that governed all the teams after controversy erupted over the Kochi bid which involved union minister Shashi Tharoor.
IPL Commissioner Lalit Modi said the IT team's visit was only an inquiry and not a raid and assured that the IPL will "fully cooperate" in the inquiry.
The I-T department has created a special cell in Mumbai to keep a tab on all income generated by the IPL, the sources said.
Modi was continuing to be questioned late in the night as a third team of I-T officials reached his office around 2300 hours.
Sources said the probe has been initiated to find out if there is any illegal flow of funds, involvement of underworld and betting syndicates and whether any black money in being pumped into the sporting extravaganza including from foreign shores.
Modi had divulged names of the Kochi franchise while alleging that Minister of State for External Affairs Shashi Tharoor had asked him not to reveal the names of the promoters which included Sunanda Pushkar, a close friend of his.
Tharoor is alleged to have played a role in Sunanda getting free equity worth Rs 70 crore in IPL Kochi, a charge denied by the minister.
The probe move came as the CPI-M said the government should inquire into the source of certain funds flowing into the tournament and reconsider whether any tax exemptions or concessions are justified for this commercial enterprise.
"There is an inquiry. It is not a raid. The I-T officials are possibly looking for the details of the tender (for Kochi team). We will extend all possible cooperation to them," Modi earlier told PTI.
Immediately after the I-T officials visited the offices of BCCI-IPL at Wankhede stadium here, Modi rushed to the headquarters to meet them. Thereafter Modi and I-T officials moved to Nirlon House.
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