Sunanda Pushkar continues to hold sweat equity in the Kochi IPL consortium despite her public announcement in April relinquishing it.
According to initial investigation by the Registrar of Companies, Pune, and the ministry of corporate affairs, Pushkar continues to hold 19% stake in Rendezvous Sports World Limited (RSWL), which is one of the stakeholders in the Rendezvous consortium that owns Kochi IPL team.
Sources close to the Kochi IPL team admitted that there was no “documented change” in the ownership of the team. The consortium was an “association of people” and was yet to be formally incorporated as a private limited company.
They would look at the process only later “for now we are busy with other affairs such as selection of coach and other staff”. The source argued that even to give up shares, certain legal formalities had to be completed.
The IPL controversy broke in April when Lalit Modi disclosed Pushkar’s sweat equity in the Kochi team. A week later, Pushkar said she was giving up the sweat equity given the “deeply unpleasant publicity surrounding my involvement”.
“I can no longer be able to find the enthusiasm required to associate myself with any IPL activity in the foreseeable future,” she had said in her statement.
A corporate affairs ministry report said, “From the information furnished by the company, namely Rendezvous Sports World Pvt Ltd, it is seen that eight individuals are holding equity shares of the company.
The date of such shareholding has not been disclosed by the company.” According to report, RSWL said it had issued 1,000 shares at Rs 100 each. Of these 1,000 shares, Pushkar held 190.
Shailendra Gaikwad, director of Rendezvous, said in a statement on Friday that the facts thrown up by the report reflected “the original situation which was extensively reported in April. Nothing has changed since then legally because the unincorporated joint venture, the Rendezvous consortium, has not been converted into a company yet.”
He added: “After the successful IPL bid, she (Pushkar) voluntarily relinquished her shares in the parent company, but was told there is no provision under the BCCI’s IPL rules for surrender of shares at this stage… When, as required by the BCCI rules, a new company is formed to execute the IPL team’s operation, Ms Pushkar will no longer be a shareholder.”