Mumbai, Oct 12: Deccan Chronicle Holdings Limited has revealed that it is planning to sell its IPL team Deccan Chargers to Kamla Landmarc, a Mumbai-based real estate company.
After a meeting with the Board of Directors on Thursday the IPL franchise decided to sell its team Deccan Chargers to Kamla Landmarc, on Friday.
"This is to inform you that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited," the letter said.
Though the details of financial transaction has not been disclosed by the team, the owners had informed the National Stock Exchange of India Limited and Bombay Stock Exchange Limited about the deal in a letter.
"The above resolution of the Board has been passed subject to the approval of the shareholders of the Company under Section 293(1)(a) of the Companies Act, 1956 read with Companies, Rules 2001 and subject to the approvals, consents, permission and sanctions as may be necessary from the concerned authorities, lenders and other third parties," the letter further said.
The shares of Deccan Chronicle Holdings Ltd, have decreased after the fifth edition of IPL, which can be correlated with the problems faced by the franchise to pay the dues to overseas players and other cricketers as many had complained about not receiving their payment for the fifth edition of IPL.
The shares of DCHL that had dropped to Rs 8.99, its lowest so far in the last six months, increased to Rs 9.60 on the BSE soon after the announcement of the IPL team being sold to Kamla Landmarc.
Kamla Landmarc, is one of the leading real estate companies in Mumbai, owned by Mr Ramesh Jain and the company undertakes construction of residential and commercial projects.
With Kamla Landmarc coming forward to buy the IPL team, Deccan Chargers' players heave a sigh of relief, as their dues will be settled at the earliest, while they need not worry about their future at the moment since the cricketers will be a part of the next edition of IPL.