Unincorporated Joint Venture (UJV), Rendezvous Consortium made the stunning bid won the bid for Kochi IPL.The entire is going to be historical soon - Lalit Modi or Shashi Tharoor might lose out their powerful position soon.
But What are the rules for sweat equity?
1. the maximum sweat equity that can be issued in one year is 15 per cent of the capital
2. It can be ssued only at a fair value determined by independent valuation and not free of cost
3. The shares so issued are barred for sale for three years
4. Being unincorporated, the UJV cannot issue equity first, and so there is no question of sweat equity being issued by the UJV
Allotment to Sunanda Pushkar is in exchange for the management services rendered... oh is it so? what are the details of management service ? No explanation so far !!!
So., Whose sweat is this? Whose equity is this?
Hopefully, we will have more details of the ownership details of the other IPL owners soon.
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