BCCI set to earn over Rs 2000-cr from IPL

Times of India
February 13, 2018

NEW DELHI, Feb 13: The Indian Premier League (IPL), which started as a sideshow by the Board of Control for Cricket in India (BCCI) in 2008, is now set to account for nearly 95 percent of the board’s surplus.

Captains-coaches meeting date advanced by BCCI

BCCI’s projections of its income and spending in the coming financial year suggest that the IPL will earn a surplus of Rs 2,017 crore, while the rest of the board’s operations - international fixtures as well as domestic - will contribute barely Rs 125 crore to its surplus.

Since IPL launch, BCCI has paid Rs 3,500cr in tax

What these projections mean is that BCCI will make 16 times more profit during the 45-day IPL window than it is likely to in the remaining 320 days of the year. This net surplus will accrue after BCCI’s expenditure on the game’s infrastructure and other heads, amounting to approximately Rs 1,272 crore against an income of Rs 3,413 crore.

In the current year, IPL is estimated to contribute 60 percent of BCCI’s overall surplus of a little under Rs 670 crore. Now, thanks to the five-year mega media rights deal worth Rs 16,347 crore with Star India, IPL is going to bring in a surplus of Rs 2017 crore as compared to Rs 400 crore in the last financial year. Keeping the surplus generated from the IPL aside, BCCI is likely to end up generating a surplus of Rs 125 crore out of its international calendar and domestic matches.

Thus, the net surplus of the board is projected to see a threefold increase from Rs 665 crore to 2,142 crore. The allocation ratio (IPL:BCCI) has changed to 80:20 from 52:48 due to change in revenue shares. This means BCCI’s establishment and administration expenses are likely to come down to Rs 19 crore from Rs 51crore.

Based on the Future Tours Programme, the board will see a marginal drop of Rs 5 crore in the surplus from the men’s team’s international tours, leading to a substantial drop of Rs 78 crore in income from media rights alone.

Interestingly, the projections indicate that the Indian team may not play any Test matches in New Zealand when they tour early next year after a gap of five years. India will play 12 Tests in the next financial year with only two Tests at home - against West Indies.

Income from media rights per international fixture - Tests, ODIs or T20Is - is billed at Rs 43.20 crore. India will play 10 international matches each in Australia and New Zealand in the coming financial year. They are slated to play four Tests, three ODIs and three T20Is in Australia, before flying out to New Zealand for five ODIs and five T20Is. The media rights agreement with Star is due for renewal in April 2018.

“There is a lot of risk of losing money in a five-day game starting at 3 am India time (in New Zealand). Anyway, it will be a World Cup year by the time India travel to New Zealand. India will be playing just white-ball cricket after the Tests in Australia get over till the World Cup in England arrives.

India will host Australia after they come back from New Zealand and will travel to Zimbabwe for three T20Is before the 2019 IPL,” a senior BCCI official in the know of things told TOI.

India played just two Tests and five One-Day Internationals last time when they visited New Zealand in 2014.

Supervised by the Supreme Court-appointed committee of administrators (CoA), the board had announced in December that it is keen on reducing the number of playing days without cutting down on the number of matches. Playing just the shorter formats in New Zealand could be a step in that direction.

BCCI CEO Rahul Johri had recently claimed that there would be ‘virtually no or very little’ international cricket during the IPL in the FTP from 2019. “The other boards understand the opportunity of the IPL. They all want their players to be available. In the FTP from 2019, there's virtually no or very little international cricket during that period in the calendar. Our endeavour is to overcome even that little international cricket. That is testimony to the strength of the IPL,” Johri had told TOI last month.

India A, junior, women and NCA programmes to be strengthened

The board is likely to double its expenditure budget on international tours for India A, junior and women. The board has plans to set aside Rs 48.5 crore for these tours with the women’s tours seeing an increase of Rs 9 crore.

BCCI also plans to increase camps and activities at the National Cricket Academy (NCA) by allocating Rs 50 crore as compared to Rs 26 crore last year. There is an increase of Rs 14 crore for conducting domestic matches as the BCCI plans to increase the number of domestic matches too. This could be because of the board’s endeavour to strengthen women’s and junior cricket.

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News Network
November 12,2024

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The Taliban regime has appointed Ikramuddin Kamil as the acting consul in the Afghan mission in Mumbai, Afghan media has reported.

It is the first such appointment made by the Taliban set up to any Afghan mission in India.

There was no immediate comment from the Indian side on the appointment that came.

The Ministry of Foreign Affairs of Afghanistan has announced the appointment of Kamil as the acting consul in Mumbai, the Taliban-controlled Bakhtar News Agency reported on Monday, citing unnamed sources.

"He is currently in Mumbai, where he is fulfilling his duties as a diplomat representing the Islamic Emirate," it said.

The appointment is part of Kabul's efforts to strengthen diplomatic ties with India and enhance its presence abroad, the media outlet said

Kamil holds a PhD degree in international law and previously served as the deputy director in the department of security cooperation and border affairs in the foreign ministry, it said.

He is expected to facilitate consular services and represent the interests of Afghanistan in India, the report added.

Kamil's appointment comes days after the external affairs ministry's point-person for Afghanistan held talks with the Taliban's acting defence minister, Mullah Mohammad Yaqoob, in Kabul.

Sher Mohammad Abbas Stanikzai, the Taliban's deputy foreign minister for political affairs, also posted on X about Kamil's appointment.

The appointment of Kamil is seen as part of efforts to facilitate consular services to the Afghan population in Mumbai.

There has been almost negligible presence of diplomatic staff at the Afghan missions in India.

Most of the diplomats appointed by the Ashraf Ghani government have already left India.

In May, Zakia Wardak, the seniormost Afghan diplomat in India, resigned from her position after reports emerged that she was caught at the Mumbai airport for allegedly trying to smuggle 25 kg of gold worth Rs 18.6 crore from Dubai.

Wardak had taken charge as the acting ambassador of Afghanistan to New Delhi late last year, after working as the Afghan consul general in Mumbai for more than two years.

She took charge of the Afghan embassy in New Delhi last November, after the mission helmed by then ambassador Farid Mamundzay announced its closure.

Mamundzay, who was an appointee of the Ghani government, had moved to the United Kingdom.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 13,2024

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New Delhi: The Supreme Court took a firm stance on ‘bulldozer justice’ today, affirming that the Executive cannot bypass the Judiciary and that the legal process must not prejudge the guilt of an accused. In a significant judgment, the bench led by Justices BR Gavai and KV Viswanathan set new guidelines for demolition practices, responding to petitions challenging the controversial bulldozer actions taken against individuals accused of crimes.

The rise of this practice, termed 'bulldozer justice,' has seen authorities in various states demolish what they claim to be illegal structures belonging to accused individuals. However, multiple petitions questioned the legality and fairness of this approach, bringing the matter before the court.

Justice Gavai highlighted that owning a home is a cherished goal for many families, and an essential question was whether the Executive should have the authority to strip individuals of their shelter. “In a democracy, the rule of law protects citizens from arbitrary actions by the state. The criminal justice system must not assume guilt,” stated the bench, underscoring that due process is a fundamental right under the Constitution.

On the principle of separation of powers, the bench reinforced that the Judiciary alone holds adjudicatory powers and that the Executive cannot overstep these boundaries. Justice Gavai remarked, “When the state demolishes a home purely because its resident is accused of a crime, it violates the doctrine of separation of powers.”

The court issued a strong warning about accountability, stating that public officials who misuse their power or act arbitrarily must face consequences. Justice Gavai observed that selectively demolishing one property while ignoring similar cases suggests that the aim might be to penalize rather than enforce legality. “For most citizens, a house is the product of years of labor and dreams. Taking it away must be an action of last resort, thoroughly justified,” he said.

In its directives under Article 142 of the Constitution, the Supreme Court established new demolition guidelines. These include:

Mandatory Show-Cause Notice: No demolition should occur without first issuing a show-cause notice. The person served has a minimum of 15 days or the duration stated in local laws to respond.

Transparency of Notice Content: The notice must include specifics about the alleged unauthorized construction, the nature of the violation, and the rationale for demolition.

Hearing and Final Order: Authorities are required to hear the response of the affected individual before issuing a final order. The homeowner will have 15 days to address the issue, with demolition proceeding only if no stay order is obtained from an appellate authority.

Contempt Proceedings: Any breach of these guidelines would lead to contempt proceedings. Officials who disregard these norms will be personally accountable for restitution, with costs deducted from their salaries.

Additionally, the court mandated that all municipal bodies establish digital portals within three months, displaying show-cause notices and final orders on unauthorized structures to ensure public transparency and accountability.

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