Sports
India Cements shareholders to vest the ownership of CSK
Chennai: The Board of Directors of India Cements Ltd. today cleared the way for the proposal to vest the ownership of Chennai Super Kings Cricket Ltd. with its shareholders.
In a filing with the Bombay Stock Exchange (BSE), India Cements said the board has approved a proposal for reorganisation of Chennai Super Kings Cricket Ltd., the company’s wholly-owned subsidiary.
Under the proposal approved, “the ownership of the franchise will be held by shareholders of the India Cements Limited. This will be subject to all necessary approvals”.
Last year, the India Cements board had approved the demerger of Chennai Super Kings (CSK – a division) into a wholly owned subsidiary by transferring the assets at net cost.
The effective date of transfer will be Jan 1, 2015, subject to all approvals.
Company officials had earlier said the CSK had given its cement brands good exposure in various markets. The company earned around Rs.166 crore from CSK.
India Cements had successfully bid for the Chennai franchise in 2008 for $91 million. The amount will be paid over a 10-year period.
The left-handed batsman from Haryana is garnering praise from all quarters for the way he’s finishing games regularly in the most exciting IPL season.
Gavaskar reckons Tewatia’s whirlwind knock in Sharjah (in IPL 2020) where he smashed West Indies pacer Sheldon Cottrell for five sixes in an over, gave him the confidence that he belongs to the big stage.
Speaking on Cricket Live on Star Sports, Gavaskar said, “That assault on Sheldon Cottrell in Sharjah gave him the belief to do the impossible and the confidence that he belongs here. We saw the impossible (he did with the bat) the other day as well. There’s no twitching or touching the pads (which shows a batter’s nervousness) when he bats in the death overs. He just waits for the ball to be delivered and plays his shots. He’s got all the shots in the book, but most importantly his temperament to stay cool in a crisis is brilliant.”
Gavaskar has also nicknamed the 28-year-old cricketer the ‘ice-man’ and lauded Tewatia’s ability to remain unruffled during the tense moments.
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