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Sponsor owes Rs. 14 cr, IPL Cricket team Kings XI approach cops

According to reports, Owners of Kings XI Punjab, the local cricket team for the Indian Premier League (IPL), have filed a criminal complaint with the senior superintendent of police (SSP) here against the team’s principal sponsor, NVD Solar Limited, over non-payment of dues amounting to Rs. 13.9 crore.
KXIP co-owner Ness Wadia has said in the complaint that Kolkata-based NVD Solar had entered into a three-year deal with the franchisee for carrying their company’s logo on the team kit in this year’s IPL for Rs. 14.3 crore per annum; but after initially paying Rs. 42 lakh, the firm failed to pay. “Whenever we approached the company for the payments, we were given fake accounts of Deutsche Bank, London; Wells Fargo Bank New York; Common Suisse Bank Limited… fake names of officials.  Even the emails sent to us were from fake IP addresses,” Wadia said.

Further, Wadia has added that the firm gave them four cheques for Rs.25 lakh each but they also were dishonoured, for which KXIP has also issued a legal notice to the company, a solar equipment maker, which replaced DTH operator Videocon as the Kings’ lead sponsor for 2013 to 2015.

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