Chennai Super Kings to be transferred to new subordinate of India Cements

Under-attack Board of Control for Cricket in India (BCCI) President N Srinivasan-led India Cements will transfer its team Chennai Super Kings (CSK) to a new subsidiary, Chennai Super Kings Cricket Ltd.

India Cements while filing to the BSE said it has completed the necessary documentation for transfer of Chennai Super Kings (CSK) franchise to Chennai Super Kings Cricket Ltd.

The Board will consider at the meeting on February 11, 2015 reorganisation proposals relating to the said subsidiary, India Cements was quoted in a report Cricketcountry.com.

On September 26, 2014, the Board of Directors of the company had approved the proposal to demerge CSK into a wholly-owned subsidiary by transferring its net asset at costs. The effective date of transfer will take place on January 1, 2015 was also said by them.

The Supreme Court directed that BCCI elections be held in six weeks subject to the condition that no one who has any commercial interest in the BCCI events (including N Srinivasan) shall be eligible for contesting the elections for any post whatsoever .