SC freezes BCCI's financial transactions

SC freezes BCCI's financial transactions Supreme Court on 21 October 2016 froze all financial transactions between the BCCI and state cricket associations. The apex court directed the apex cricket body not to disburse any funds, even for the match purposes, till BCCI resolved to abide by Justice RM Lodha panel recommendations. A bench headed by Chief Justice T S Thakur asked Lodha panel to appoint independent auditors to scrutinize all BCCI accounts. The judgment also directed the Lodha panel to ask the auditors to scrutinize the high-value contracts provided by BCCI. Justice RM Lodha Committee submitted its report to Supreme Court The apex court also directed BCCI president Anurag Thakur and Secretary Ajay Shirke to give undertaking on affidavit, before the Lodha panel and apex court by 3 December 2016, stating how much time they would need to implement reforms. Highlights of the Decision • It directed the Lodha panel to ask the auditors to scrutinise the high-value contracts given by BCCI and also fix a ceiling of high-value contracts involving media rights.  • It asked the Ladha panel’s secretary to send a copy of the apex court order to the ICC chairman Shashank Manohar.