According to latest cricket news, the IPL team Deccan Chargers has been sold to a Mumbai-based real estate company, Kamla Landmarc by the Deccan Chronicle Holdings Limited.
The declaration was made by Deccan Chronicle Holdings Limited by the NSE in a filing today.
Meanwhile, the Mumbai-based Kamla Landmarc is owned by Ramesh Jain and the company operates in construction of residential and commercial projects.
However, no further detail of the deal was revealed to media, but the owners of Deccan Chronicle have decided to sell the team after its meeting with the Board of Directors on Thursday.
The letter written by Deccan Chroncle Holdings Vice Chairman T Vinayak Ravi Reddy stated, “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 latter further writes, “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.”
