Sharad Pawar, the former BCCI president.
Sharad Pawar, the former BCCI president.

Further confusion over Pune franchise bid



The controversy surrounding the Indian Premier League (IPL) took a new twist last night with further confusion about who was behind the bid for a Pune franchise. Documents now seem to link Sharad Pawar, the former BCCI president, with the bid through a company in which he has a stake, contradicting claims by the politician and his family that they were not involved.

Minutes of a January 31 meeting of the Pune-based City Corporation board reveal that Aniruddha Deshpande, its managing director, had been given permission to make a bid on "behalf" of the company during the auction in March. This calls into question Pawar's earlier stance that Deshpande had made the bid in an individual capacity and the board had given him permission to do so at a meeting on March 17.

Pawar, his wife Pratibha Pawar and his daughter Supriya Sule, a Member of Parliament, own a 16.22 per cent stake in City Corporation. Pawar had said the reason he did not reveal his family's stake in the company was because "there was no necessity felt to do so". Sule had said that at the March 17 meeting it was resolved that the company will have nothing to do with the bid. But the minutes of the January meeting, a copy of which was made available to Cricinfo, state that Deshpande was asked to go ahead with the bid in the company's name.

According to the excerpts from the January minutes, the board "resolved that the company do and hereby authorise Mr Aniruddha Deshpande to represent the company in participating, bidding, winning and operating [an] IPL franchise from Pune in IPL-4 and onwards and to sign any agreement and other documents on behalf of the company in relation to participating in the bidding process of the IPL." In his defence, Deshpande told the Times of India that the January meeting was to "enable" him to exercise his bid in his personal capacity.

Sule, meanwhile, continued to maintain that neither she nor her father had done anything wrong. "We don't know anything about this because Mr Pawar and I don't sit on the company's Board. I don't know why a mountain is being made out of a molehill," she said. Sule insisted that Deshpande was going to find a new set of shareholders if he had won the bid. "When Mr Deshpande submitted the bid to the BCCI, he had given a note that the shareholders may change as there will be a new consortium made if they win the bid and they lost the bid," he said.

The BCCI is clearly unhappy with the situation. Reacting to allegations on Friday by Lalit Modi, the suspended IPL commissioner, that Chirayu Amin, the interim IPL chairman, was also involved in the City Corporation bid, Shashank Manohar, the Indian board president, released a statement, asking why Modi had not informed the board that Deshpande was bidding on his own. "Mr Modi has also made a statement that Mr Aniruddha Deshpande, MD City Corporation Ltd, had informed him that though the bid was submitted on behalf of City Corporation Ltd, it was in fact a personal bid on behalf of himself," Manohar wrote.

"Mr Modi, who claims to be above board in all matters, did not think this very cogent and important piece of information should be shared with governing council members and officials." However, through his vehement attack against Modi, Manohar has also indirectly contradicted Pawar's claim that the bid had not been made in City Corporation's name. It is also understood that since Pawar is not part of any of the IPL franchises, he is clear of any wrongdoing as far as the BCCI are concerned.

* Agencies

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

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- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

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Indoor cricket in a nutshell

Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

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