The BCCI's Emergent Working Committee has scheduled a meet to take conscious decisions on the IPL spot-fixing and betting scandal. The Rajasthan Royals along with reputed co-owner Raj Kundar will be under the scanner.
Jagmohan Dalmiya, who heads the Board of the interim arrangement has to take up the matter further as the Delhi Police has affirmed Kundra's involvement in betting. Raj Kundra is the minority shareholder in Rajasthan Royals and has given a statement confessing to betting during the IPL matches.
The rise in the number of scans has put BCCI under a lot of pressure to take severe steps and take a stand to reinstate the credibility of the IPL.
A top BCCI official said that the entire Raj Kundra matter will be discussed at length. The members may also propose suspension if he is found guilty. If Kundra gets a clean chit, he can continue on the position.
If the charges on the Rajasthan Royals are proved then they face termination from the IPL and due to the allegations, the franchise has already distanced itself from Kundra.
The officials of the Rajasthan Royals have also declared that Kundra would forfeit his shares in the franchise if he is found to be in breach of any regulations. Raj Kundra is a marginal shareholder (11.7%) and he has no involvement in the running of the franchise.
Rajasthan Royals Chairman Ranjit Barthakur and CEO Raghu Iyer gave a statement that Mr. Raj Kundra is a law abiding citizen and would not act contrary to the law. However, is he is proven guilty and has breached any regulations, he will also be suspended and will also forfeit his shares. The strict governance procedure has been approved by all Rajasthan Royals shareholders and they will continue to follow the zero tolerance approach.
As per clause 11.3 (C) of the franchise agreement, a team can be terminated in the event of any of the owners bringing the game into disrepute.
Raj Kundra and his actress wife Shilpa Shetty have 11.7% stakes in Rajasthan Royals through Kuki Investment. Suresh Chellaram and Family (Tresco International Limited) are in possession of the major part of the shares with 44.2% while Manoj Badale (Emerging Media) has 32.4 % stakes. Lachlan Murdoch (Blue Water Estate Limited) has 11.7 % stakes.
The meeting has an agenda to authorize the appointment of Sanjay Patel as the new Honorary Secretary. He will take the position of Sanjay Jagdale, who gave in his resignation soon after the spot-fixing scandal came to light.
The BCCI plans to fill the post of Treasurer which was left vacant by Ajay Shirke as he had also resigned following the scandal.
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