India Cements transfers CSK to new subsidiary

BCCI President-in-exile N Srinivasan led India Cements’ board has approved transfer of IPL team CSK to a wholly-owned subsidiary, Chennai Super Kings Cricket Ltd.
A decision to this effect was taken at a Board meeting of the company . “…Pursuant to the decision of Board of Directors of India Cements Ltd, the company transferred the IPL franchise rights to its wholly-owned subsidiary Chennai Super Kings Cricket Ltd,” Srinivasan said after the meeting.He further said: “The Board considered a proposal for reorganisation of Chennai Super Kings Cricket Ltd under which ownership of the franchise will be issued to the shareholders of India Cements Ltd, subject to necessary approvals.”
Srinivasan, who has been barred by the Supreme Court from contesting any polls of the board till he gave up ownership of the IPL team, did not specify who would be at the helm of Chennai Super Kings Cricket Ltd and details of its main functionaries.
“This is the first step in slowly getting into a fully cement focussed company,” he said, declining to comment on how the new subsidiary would be capitalised.
Already the company has completed the required documentation for the transfer and its meeting today was called to consider reorganisation proposals relating to the subsidiary, CSKC.