IPL spot-fixing case: Supreme Court asks pointed questions on India Cements

Chennai: The Supreme Court on Thursday observed that there was a clear case of conflict of interest as N. Srinivasan was BCCI chief as well as the owner of IPL team Chennai Super King.

The court asked several details about India Cements: Who the real owners of India Cements were, who formed its board and whose decision it was to invest Rs 400 crore in the CSK franchise as well as information about the shareholding pattern in both CSK and India Cements, with particular reference to Srinivasan and members of his family.

On the BSE exchange, the share holding pattern of the promoters shows that Srinivasan & family holds only 0.17 percent in the company. But Srinivasan who is the director of the three investment companies Prince Holdings, Anna Investment and EWS Finance and Investments, which bought out Sanmar Groups holding in 2006, that hold 21.54 percent (combined) in India Cements. This means that Srinivasan in essence controls 21.71 per cent of shares.