BackIndia Cements stock falls 6% as Supreme Court questions Srinivasan
SC observed that it is difficult to accept Srinivasan's plea that there is no conflict of interest arising out of owning CSK and heading BCCI
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Mumbai: Shares of Chennai-based India Cements Ltd fell as much as 7.4% on Tuesday after the Supreme Court on Monday observed that it is difficult to ignore its managing director N. Srinivasan’s conflict of interest.
It is very difficult to accept Srinivasan’s plea that there is no conflict of interest arising out of owning Indian Premier League (IPL) team Chennai Super Kings (CSK) and heading the Board of Control for Cricket in India (BCCI), the Supreme Court on Monday observed, as reported by the Press Trust of India.
Recently, the apex court had questioned how the BCCI’s sidelined president Srinivasan could also own a team in the IPL.
Earlier, the Mukul Mudgal committee had submitted a report that cleared Srinivasan of betting and spot-fixing in last year’s edition of IPL, while finding that his son-in-law Gurunath Meiyappan had engaged in betting.
India Cements shares closed 6.02% lower at ₹ 85.80 apiece, while the Sensex fell 1.15% to 27,797.01 points.
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