IS Bindra accusses N Srinivasan for causing massive financial loss to BCCI

IS Bindra shared a 37-page report describing the ways Srinivasan brought trouble for the BCCI © Getty Images

Sep 7, 2013

Punjab Cricket Association (PCA) President Inderjit Singh Bindra has launched an attack on the Board of Control for Cricket in India (BCCI) president-in-exile N Srinivasan for causing loses up to Rs 10,000 crores to the board.

Bindra took to microblogging website Twitter to attack Srinivasan on many accounts for causing loses to the cricket board. Bindra shared a 37-page report describing the ways Srinivasan brought trouble for the BCCI.

Bindra said the Srinivasan caused great harm to the cricket governing body with his decision of not following Reserve Bank of India (RBI) guidelines while setting up a bank account in South Africa during the second season of Indian Premier League (IPL) in 2009.

The bank account was set up in the African nation to facilitate cash transactions and payments to Cricket South Africa (CSA), reported Times of India.

According to Bindra, this happened despite the then President Shashank Manohar emphasising in an Emergent Working Committee meeting that the board should seek the necessary RBI approval for operating a bank account in South Africa.

Srinivasan was the secretary of the BCCI then.

Bindra added, “the present violation of FEMA, as alleged by the Enforcement Directorate, is due to the ‘deliberate act’ of avoiding the RBI framework”.

The former board president accused Srinivasan of wrongly saying that Lalit Modi happened to be a beneficiary in the facilitation fee paid by Multi Screen Media (MSM), which telecasts the IPL, to the World Sports Group (WSG) during the initial years of the tournament.

Bindra added that Srinivasan misrepresented facts and created false evidences which resulted in loss of several thousand crores to the board.