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Srinivasan effected $633 million loss to BCCI: Lalit Modi

Source : AGENCIES
Last Updated: Mon, Sep 16, 2013 08:22 hrs
Srinivasan to make a BCCI comeback?


New Delhi: Disgraced former IPL chairperson Lalit Modi has leveled fresh allegations against current BCCI President-in-exile N Srinivasan, accusing him of indulging in financial impropriety during the 2009 edition of cash-rich league, in effect causing a monumental loss of $633 million to BCCI. 
  
Modi, the exiled cricket administrator who is said to have orchestrated the IPL spectacle, has tweeted  (with unsubstantiated documentary ‘evidence’ in tow) that Srinivasan, the BCCI Secretary in 2009, “contravened” BCCI’s Working Committee decision and brazenly flouted RBI norms to ask Cricket South Africa (CSA) open a bank account in its name, instead of opening an account in BCCI’s name. 
  
The account, Modi claims, was run “camouflaged” for BCCI by CSA, and the former used to replenish it periodically, the authority of disbursement of funds resting solely with Srinivasan. 
  
“One of the conditions under the agreement (between Srinivasan and CSA) dated 30th March, 2009 was that CSA would open and operate a dedicated bank account for conducting the tournament., as if it was a BCCI account but camoflouged as CSA account,” a document attached by Modi on his Twitter profile reads.
 
 “Further on 25th March, 2009 N.Srinivasan circulated instructions to all including IPL Chairman who was not party or attended any meeting with CSA and Secretary’s team in reference to above agreement and contravention of BCCI resolution that CSA would operate a separate bank account and makes payments on behalf of BCCI and BCCI will replenish the amount as and when required and after the tournament CSA can send final statement for settlement. The letter made it clear that the account would be monitored by BCCI and any disbursal would be made after final approval of N. Srinivasan,” the document further reads.
 
 In addition to these, Modi alleges that Srinivasan, in order to extricate personal gains, amended the mandatory bank guarantee to be furnished by the franchisees from full bid amount to just 10 percent of the amount, and blamed the India Cements owner of maligning him of favouring big players.
  
The erstwhile cricket administrator then went on to blame Srinivasan’s “obstinate conduct” for causing the ouster of Kochi and Sahara franchisees, resulting in a cumulative loss of 633mn USD. Board’s President-in-exile has also been blamed for shady media rights’ deals for the IPL as well. 
  
While personal propriety of Srinivasan is doubtful without doubt, the fact remains that Modi’s claims, for sheer want of authenticity, remain mere allegations, something that will be grossly insufficient to trouble the defiant BCCI top boss. 
 


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