Kings XI Punjab cheated by sponsor

In another case of financial skullduggery involving an Indian Premier League team, Kings XI Punjab are bearing the brunt of dealing with a dubious entity.

KPH Dream Cricket Pvt Ltd (KPH), the owners and promoters of the franchise has filed a criminal complaint against its title sponsor, NVD Solar Ltd and its officials, for cheating and duping them of around Rs.14 crore.

The franchise has also issued a legal notice to the company, one of India’s leading solar equipment makers, for the bouncing of four cheques of ` 25 lakh each, tendered by NVD India to KPH. Kings XI Punjab’s co-owner Ness Wadia said that they have been left with no other option but to take a legal recourse against NVD Solar Ltd and its Managing Director Saibal Hazra.

“It’s a full blown scam. They cheated us of our hard-earned money. They gave us fake accounts of Deutsche Bank London, London, Wells Fargo Bank New York, Common Suisse Bank Limited, fake swift message, fake names of officials and even sent us mails from fake IP addresses. They always said we will pay you on a certain date but what we got is only fake assurances,” Wadia said.

A sponsorship deal was struck between NVD Group and Kings XI Punjab in March for Rs.14.3 crore.

“So far, we have only received a sum of Rs.42 lakh (32 lakh via electronic funds transfer and 10 lakh through a cheque). That means, they owe us almost 14 crore,” Wadia added.

Managing Director of NVD Group in India, Saibal Hazra said that the deal was struck with their Bangladeshi entity and the Indian company had nothing to do with the case.

“It is an agreement between NVD Solar International Bangladesh and Kings XI Punjab, so this is not a deal with the Indian company. So we are not at all involved in this case,” he said.

“The FIR is of no use because it is an international deal so it will be null and void. If you are entering into an agreement with an international company, the international jurisdiction will apply in this matter. When we approached KXIP, we said NVD India can stand as a guarantor and NVD India can give the money but for that need to enter into an agreement with us,” Hazra added.

An official statement from the KPH Dream Cricket Pvt Ltd said that NVD has been asked to make the payment within 15 days from the date of receipt of the notice failing which a complaint under the Negotiable Instrument Act, 1881, would be filed against them in the Chandigarh Court.

KPH lawyers have sent legal notice against bouncing of cheques to NVD Solar Limited, Saibal Kumar Hazra and other Directors of NVD Solar Limited U/ S 138 of The Negotiable Instrument Act, 1881, as amended, by The Banking Public Financial Institutions & Negotiable Instruments Laws Amendment Act, 1988 for bouncing of four cheques of Rs.25 lakh each tendered by NVD India to KPH . The promoters of the group had claimed in February that since they wanted to give the entire sponsorship deal an international perspective, they wanted to sign the deal through their Bangladeshi company NVD Solar International Ltd.

Kings Eleven Punjab agreed to the modified arrangement.

Reproduced from Mail Today. Copyright 2013. MTNPL. All rights reserved.

Also See:

Time to take IPL to the next level: Ness Wadia


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