More on the man and his machinations.
The story began in April 2008, when the BCCI and the IPL entered into an agreement with Live Current Media (LCM) Inc, a Nasdaq-listed company, for web rights to the IPL and the Champions League till 2017. LCM was given these rights for a whopping $49 million to be paid in instalments.
In March 2009, the contract was revised downwards. Through a novation agreement (legal document that substitutes an old debt with a new one), the BCCI and IPL agreed to transfer the original contract to Global Cricket Ventures (GCV) Private Ltd, headquartered in Singapore for just $20.75 million, raising several eyebrows.
GCV later entered into a joint venture with a Dubai-based company, Netlink Blue Holdings, which had the mobile and digital rights to the IPL. With this, the web, digital and mobile rights to the events came under a single entity.
Around the same time, another company with the name GCV was floated in Mauritius. On August 20, 2009, the Singapore-based firm assigned the original contract to the new entity for a mere $1.75million.
The BCCI and IPL were, however, not made party to this new agreement, in violation of the original MoU. But GCV claimed that it had given prior notice to the BCCI of its intent to reassign the deal to the Mauritian company.
This is when Modi’s relatives entered the scene. In November 2009, Elephant Capital Investments, through its subsidiary based in Mauritius, picked up a 50% stake in GCV for $10 million. Gaurav Burman, Modi’s stepson-in-law, is a director in Elephant Capital. The company’s managing director, Gaurav’s brother Mohit, is co-owner of Kings XI Punjab.
Each additional piece of information merely confirms a growing feeling that the IPL is nothing more, nothing less, than a gigantic shell game.
Also read this interview:
Why did you disclose the names of the Kochi team owners?
Because many people in the consortium itself were not aware of who owned the side.
Why did you not disclose the names of other franchises?
They are in public domain. If required, I will disclose them.
“If required”?! They are *not* in the public domain in detail. And as a member of the public, can I “require” it, please?
13 thoughts on “File under M for Modi/Mauritius/Money”
Its one whole GRAVE-yard!
Here’s how the dust will settle —
Absolutely. This is how it is going to end. Modi/IPL will be cleared of all charges. Kochi will get its place in IPL. Tharoor will continue in the ministry. Modi and Kochi team will have a “make-up bash” with SRK/Zinta/Shetty dancing on the floor. Thats it.
Looks like there are skeletons in every closet. Things seemed to messed up at every step & every level. Modi seemed to have opened a Pandora’s box, without even knowing it. I think public has a right to know the details of the Rendezvous Sports World (how Shashi Tharoor & his “friend” profited from this, if they did) and of course, the whole IPL saga – the details of the holdings of every team should be out there in the public. I am amazed that such a multi-million league is shrouded under so much mystery. Looks like politicians across party lines are involved big-time and that probably explains the inactivity of IT-Dept and other Govt agencies.
After reading this article, I can only think of that Modi shot himself on the foot. More skeletons seems to be tumbling out as day passes and no one in the BCCI seems in a hurry to take quick action instead deciding a meeting with a gap of 10 days.
BTW, does anyone know of any openings in the Kochi IPL team. I am looking for a job and will work without salary for a paltry sweat equity. I also certify that sweating comes naturally to me. I can even sweat in winters.
anyone looking for a player for Kochi team? If sreesanth is captain, maybe I can get a chance also. I need to start working on fitness(and somehow learn to play cricket better than andy zaltzman), I am still younger than Rahul/Sachin
Do you know that GCV tied up with Google India to monetize its online portal and inturn stream IPL in Youtube?
This is the link. http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=ECAP%3ALN&sid=al2S5lcsAouY
And also recently GCV bought Willow Tv which broadcasts in US.
It seems like a big online broadcasting control going on over there.
what about pawars role in all this.. modi is only a front.. there are bigger people behind him.. http://indiatoday.intoday.in/site/Story/92916/India/5+Kochi+promoters+want+to+pull+out:+Pawar.html
Lalit Modi is trapped like Abhimanyu was in Chakrvyuh…Both of them knew how to enter..but didnt know how to come out…
If Modi claims that Tharoor was influential in getting Kochi team, then is it a right time to ask which PUNE based Politician was instrumental in Sahara selecting Pune over Ahmedabad…??
Prem, from your last two posts it is clear that the whole Modi/IPL thing has more than a cupboard full of skeletons, shady deals, high-handedness and so on.
At the same time, one gets a feeling of you either presenting only one side of the story; OR saying that, look Modi is a very big crook, so what others are doing pales in comparison.
On the other hand you might as well say, that this is my blog and what I write and more importantly, what I do NOT write is my prerogative and you can just shut the f*** up.
Hang on a minute. At no point am I saying Kochi, or Tharoor, or whoever, does not need to be investigated, too. My point is simply this: the media invariably seizes on some immediate talking point. In this case, it is tharoor-modi-twitter-sunanda-sleeze-slush. And keeps banging on about it till it loses interest and moves on to Sania or whatever. My point is simply this — the Kochi group imbroglio is merely a symptom of a far larger malaise. And that if any purpose is to be served by all this, it will be served only if, and when, the entire gamut of IPL operations have been examined.
For instance, I noticed someone pointing to the Dubai connection, and asking for an IT/CBI inquiry. Very good. But what makes you think the foreign connection is confined to this one instance? Guess where all of Modi’s shell companies are based? In Mauritius, a tax haven; in Singapore, and in the Gulf.
The irony is, I am consistently calling for an inquiry into ALL aspects of the IPL, and yet I am the one supposedly telling only ONE side of the story. I guess it depends on what you mean by “story” — if you mean the temporary tamasha the TV channels have been going on about, fair enough. For me, the “story” Is that the board, including the IPL, have been involved in an enormous shell game, and if it is not probed now, we will all end up with a massive mess on our hands.
And finally? I don’t have a problem with people questioning me or arguing with me, so save that other stuff, pal. Or use it where appropriate — on this blog, it certainly is not, because I’ve been doing this for over 10 years, and no one ever has had reason to suggest I shut up people who don’t agree with me. Chill.
Cool. Cynicism seems to have taken over me.
But one can hardly expect to see anything come out of it, especially with at least 3 GoI ministers involved in it at last count. The tamasha will go on only till all the big-wigs decide to close ranks and reach a middle ground.
And as I mentioned, I think on Yorker y’day, it all reminds one of “Jaane Bhi Do Yaaron” where all corrupt builders/babus join hand in the end.
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