N Srinivasan, the Former BCCI chief, ICC Chairperson and TNCA President on Friday resigned as the Director of the India Cements Capital. The India Cements is the company that owns the IPL franchise, the Chennai Super Kings.
However, there were allegations of corruption and spot fixing against Srinivasan in the past. India cements also faced similar allegations. Mr. Srinivasan, who was the director has been under a lot of controversy regarding these matters.
He has now given up his entire share (29%) in India Cements, which still owns the Super Kings franchise. His share of revenue will now be transferred to a trust managed by India Cements. A report by NDTV said that transfer of ownership rights has finished and that Srinivasan was no longer the owner of CSK. The report also said that this cannot be undone and that the same has been informed to the BCCI.
But on the 85th Anniversary of the Tamil Nadu Cricket Association, he was re-elected unanimously on Friday as its President. VP Narsimham was elected as the treasurer while the Secretary Kashi Vishwanath regained his office.
The 70 year old Srinivasan has been the head of the TNCA since 2002 but has been involved in a series of controversies when he was at the office of the BCCI. The Supreme Court appointed inquiry committee and he was forced to step aside as BCCI chief after his son-in-law Gurunath Meiyappan was found to be involved in betting by the committee.
Srinivasan lost all his power within the BCCI after the Jagmohan Dalmiya was elected as the president of the BCCI and Anurag Thakur as the Secretary. However, he will still continue in office as the Chairman for the BCCI. He was elected for the post last year and will reign till the September of 2016.