HDFC chairman named special advisor to IPL

Deepak Parekh, the chairman of Housing Development Finance Corporation (HDFC), India's leading housing finance company, has been named special advisor to Sunil Gavaskar, the interim BCCI president for IPL affairs. Gavaskar and Parekh went to the same school, St Xavier's, in Mumbai.

This is Gavaskar's first major appointment since the Supreme Court put him at the helm of the BCCI last month. Parekh, widely respected in business circles, is an independent figure involved in the IPL's functioning and enters its administration structure without any stake in Indian cricket. While the BCCI media release makes no reference to the IPL's ongoing corruption scandal, Parekh's presence in its Governing Council marks an acceptance of the fact that the IPL, in its current state, requires professional crisis-management skills.

Parekh, 69, has been involved in several high-profile crisis resolution groups, including the revival of software major Satyam after a financial scandal in 2009 and the crisis involving India's largest mutual fund, Unit Trust of India, in the late 1990s. Besides HDFC, Parekh is on the board of several companies including Glaxo Smithkline, Siemens India, Exide and Mahindra & Mahindra.

"I am delighted that Deepak has accepted my invitation to come on board as a special advisor and special invitee to the Indian Premier League Governing Council," Gavasakar said. "With a diverse combination of skills and experience, this appointment will result in a well-rounded senior management team at the IPL - one that will set the direction for a better and bigger league."

Parekh, who has served on several government-appointed advisory committees, looked forward to his new role. "I am excited to be invited to be a part of the IPL. I look forward to fulfilling this challenging new role on the IPL's senior leadership team as an advisor to Mr. Gavaskar, as we look to strengthen the Indian Premier League."