Indian Committee of Finance Compile Report Over IPL Financial Wrongdoings

India’s parliamentary committee of finance, headed by former finance minister Yashwant Sinha, has finalised its report on alleged financial wrongdoings in the country’s leading Twenty20 cricket competition Indian Premier League (IPL).

The four franchises involved are Rajasthan Royals, Kolkata Knight Riders, Mumbai Indians and Kings XI Punjab.

In its report, the panel has accused the Indian Cricket Board (BCCI) and the IPL franchises of violating Company Law and RBI regulations. It has also asked to process action against BCCI top brass for the alleged violations.

The panel has recommended that the Enforcement Directorate (ED) investigate the alleged Foreign Exchange Management Act (FEMA) violations of the BCCI and four IPL franchises.

It also asked that the investigations be completed within six-months.

The committee has come down heavily on the income tax department for being “lenient” towards the Indian cricket board and the IPL franchises.

The panel has asked ofr fastracking of the process of income tax assessment of the BCCI and IPL franchises. 

The committee has also pulled up several banks for not following know your customer (KYC) norms while dealing with IPL franchises with dubious ownership structures.

The panel has asked for an action taken report (ATR) on the matter to be submitted within a month of the tabling of its report.