The Deccan Chargers IPL franchise has been sold to a Mumbai-based real estate company, Kamla Landmarc by the Deccan Chronicle Holdings Limited, the company told the NSE in a filing today.
Kamla Landmarc, owned by Ramesh Jain, undertakes construction of residential and commercial projects. Details of the deal are still awaited but the owners of Deccan Chronicle took the decision to dispose off the Hyderabad-based IPL team after their meeting of the Board of Directors on Thursday.
"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 written by Deccan Chroncle Holdings Vice Chairman T Vinayak Ravi Reddy stated.
"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.
Read the entire letter below: