Displaying items by tag: Chennai Super Kings

India: India Cements revenue has fallen by 5% year-on-year to US$636m for the financial year that ended on 31 March 2016 from US$663m in the same period in 2015 - 2016. Its net profit rose to US$20.5m from US$4.39m.

In the notes provided with its annual financial results the Indian cement producer reported that its was appealing against a provisional attachment order under the Prevention of Money Laundering Act (PMLA), 2002 attaching certain assets of the company for a value of US$17.9m. It also noted that according to the condition imposed by Board of Cricket Control in India, India Cements provided a guarantee for the purpose of guaranteeing performance and compliance by Chennai Super Kings of the obligations of the franchise under the agreement. The Chennai Super Kings cricket team was suspended for two years in mid 2015 due to a corruption scandal.

India: The India Cements has approved the transfer of Chennai Super Kings (CSK) to an exclusively-owned subsidiary called Chennai Super Kings Cricket Ltd. The decision came following the previous statement made by The India Cements on 6 February 2015 regarding reorganisation proposals relating to the subsidiary.

The transfer comes after a judgment made by the Supreme Court in January 2015, in which the controversial clause in the Board of Control for Cricket in India's (BCCI) constitution that allowed members to have commercial interests in tournaments like the Indian Premier League (IPL) was struck down. As such, the BCCI's president N Srinivasan, who is also president of The India Cements, has been barred from contesting any polls of the board until he renounces the ownership of Chennai Super Kings.

The India Cements has completed the required documentation for the transfer and also informed the BSE that it would transfer its IPL team CSK to the new subsidiary, Chennai Super Kings Cricket Ltd (CSKC). After approving the demerger of CSK into a wholly-owned subsidiary of The India Cements on 26 September 2014, the board of directors had stated that the effective date of transfer will be 1 January 2015.

India: The India Cements Ltd (ICL) has decided to hive off Chennai Super Kings (CSK), a cricket team owned by it and run as a division of the company, into a wholly-owned subsidiary. Chennai Super Kings is a BCCI (Board of Control for Cricket in India) and IPL (Indian Premier League) Franchise Twenty20 Cricket Tournament Team.

"We propose to de-merge CSK division into a wholly-owned subsidiary of our company,'' said ICL. The de-merger proposal will be taken up for the consideration of the board at its ensuing meeting. CSK has given ICL a new brand image and a pan-India corporate identity.

The iconic stature of M S Dhoni, the skipper of CSK, has helped the company in its forays into news markets such as Rajasthan and Gujarat. Thanks to CSK, ICL has become a household name in India.