MSM to refund Rs 425cr

Jun 26, 2010 - Age Correspondent |

New Delhi

The first of Lalit Modi’s many deals around the Indian Premier League has come unstuck. On Friday, the BCCI said it would recover Rs 425 crore from the IPL’s media rights holders for the sub-continent, MSM Satellite, as part of an amended agreement which was approved by the T20 League’s Governing Council in Mumbai.

In addition, the BCCI said it had was not satisfied by Modi’s replies to the three show-cause notices served on the former IPL chairman and that a Special General Meeting has been convened on July 3 to decide his fate.
The BCCI had held that the Rs 425 crore “facilitation fee” paid by MSM to Mauritius-based World Sport Group belonged to the Board, said BCCI secretary N Srinivasan in a media release.
Srinivasan added that MSM had agreed to pay Rs 300 crore and would thereafter take steps to recover the remaining Rs 125 crores from WSG.
“Today, the Governing Council-IPL approved an amended Media Rights Agreement with MSM Satellite in which MSM would agree to pay the balance payable under the Facilitation Fee Agreement to the BCCI,” Srinivasan added.
“They have agreed to pay Rs 300 crore as part of the rights fee to BCCI. MSM Satellite Singapore are taking steps to recover Rs 125 crore already paid to WSG Mauritius,” he added.

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