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Income Tax department summons BCCI secretary

Board secretary, N Srinivasan, has been asked to present the financial details of the IPL to the income tax department in Mumbai today

Cricinfo staff
21-Jul-2010
BCCI secretary N Srinivasan speaks at a press conference in Colombo, January 13, 2009

BCCI secretary N Srinivasan will have to answer the income tax department's questions on the IPL  •  AFP

The BCCI secretary, N Srinivasan, has been asked to present the financial details of the IPL to the income tax department in Mumbai today.
According to ESPNSTAR.com, Srinivasan has been asked to appear at the office of the assistant director of income tax with information on all the bids for IPL franchises, successful or otherwise, and to specify in what currency payments have been made for all three seasons of the league.
He will have to lay out the details of the BCCI's income and expenses for IPL 2010, with the income being broken up into its various sources, from ticket sales to media rights. The department was particularly interested in the funding and shareholding pattern of the various teams.
"There have been some changes in shareholding patterns of some teams, whether such changes were envisaged and permissible as per the bid documents and BCCI-IPL rules?" the letter read. "Further whether such changes are permissible as per the various laws of India?"
The particulars of the various unsuccessful bids were also asked for. "Details of franchisee bids made since 2008, which were not successful. The amounts of bids that were made, the composition of entities who had bid, the sources of funds indicated by them including bank guarantees. Whether the bidding process was transparent or not?"
Other details to be provided by Srinivasan include a list of expenses from the second edition of the tournament held in South Africa, and whether those expenses were paid for by the board. Finally, the department would like him to clarify whether the BCCI has any bank guarantees in foreign currency, and to lay out the chronology of events that led to the awarding of media rights.