The key government body on foreign investments (FIPB) has again deferred a proposal by the owners of the Rajasthan Royals to issue equity worth $5.82 million to foreign investors.
While the department of industrial policy and promotion (DIPP) wants to examine the proposal and also discuss certain issues with the ministry of sports, the revenue department is keen to scrutinise funding details of the company.
The Foreign Investment Promotion Board (FIPB), the apex body for approving foreign investment, is unlikely to approve the project in a hurry in the backdrop of the raging controversy over the lack of transparency in ownership of companies that own franchisees.
Jaipur IPL Cricket Pvt Ltd, the owners of Rajasthan Royals IPL team, had moved a proposal to issue 100% foreign equity worth over $5.82 million from overseas investors.
The proposal was deferred at the April 9 meeting of the FIPB despite the company provided details of the funding. The same proposal was rejected last year on the ground that the company had not provided funding details.
Jaipur IPL Cricket had approached the FIPB to induct foreign equity from Manoj Badale-promoted Emerging Media IPL in the UK. The equity was to be issued in lieu of the $5,048,885.25 earnest money paid by company to the Board of Control for Cricket in India and EM Sports Holding Ltd, Mauritius (MHC) for $ 773,480.99 towards franchisee fee paid on behalf of JIPL.
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