BackBCCI to contribute Rs23 crore to MCA for cricket development
BCCI to contribute Rs23 crore to MCA for cricket development
Premium
By PTI
Mumbai: The Cricket Board will pay Mumbai Cricket Association around Rs23 crore as its “contribution" to the affiliated unit’s “cricket development" purposes, in lieu of lease rent for occupying its premises at Cricket Centre inside the Wankhede Stadium complex.
Sharad Pawar, who heads both the cricketing bodies, told the MCA’s general body last evening that the BCCI would pay Rs7.98 crore for having its headquarters on a couple of floors at the Association’s premises and Rs15 crore for housing its sub-committee Indian Premier League on the fourth floor of the same building.
“The amount is not to be termed as rent which would attract 50% tax, but is BCCI’s contribution to MCA for cricket development," Pawar told the AGM at which a resolution was passed to change its memorandum of rules to allow the president to continue to occupy his post for more than the stipulated eight years.
Some objections were raised on changing the compensation to be paid by BCCI from “lease rent" to “contribution for cricket development," notably by member Sripad Halbe, who felt it could be a violation of tax rules, but they were brushed aside.
Halbe was also not in favour of changing the memorandum of rules removing the eight-year restriction for an incumbent to re-contest for the president’s post.
But the resolution moved by another member was passed with a massive majority, paving the way for Pawar to rule the MCA till at least the 2011 World Cup to be co-hosted by India.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
