ICC Forms Committee To Explore Two-Tier Test System; Champions League T20 To Re-Launch From...
"Any changes would be introduced for the next cycle of the World Test Championship, due to run from 2027 to 2029, and involve an expansion from the current nine-team format to two divisions of six," the report read.
The working party has been asked to submit its recommendations to the board by the end of the year.
The presence of Gould and Greenberg indicate that there is strong possibility of the new two-tier system being introduced as CA and ECB have been major advocates of it.
Currently, nine teams compete in the World Test Championship, but if the proposed two-tier system is implemented, the structure would shift to two divisions of six teams each, featuring a promotion and relegation mechanism.
CA and ECB discussed the two-tier concept last year. CA has been a key proponent, pushing for a model where Australia, England, and India face each other twice every three years, an increase from the current format of two series every four years.
Champions League T20 reboot on the cards
More than 10 years after its last edition, the Champions League T20 (CLT20), a club-based international T20 competition, could make a comeback next year, with the ICC actively exploring its revival.
Discussions around re-launching the competition have been ongoing, with cricket boards from India, Australia, and England leading the conversations.
The proposal to revive it has reportedly received backing from key member nations at the AGM, according to 'Sydney Morning Herald'.
The last edition of the CLT20 was held in India in 2014 with Chennai Super Kings winning the title after defeating Kolkata Knight Riders in the final at Bengaluru. That edition involved three teams from India, two each from Australia and South Africa, and one side each from Pakistan, West Indies, and New Zealand.
As many as six editions of the CLT20 were played between 2009-10 to 2014-15, with four of these being organised in India and two in South Africa. The tournament was won twice each by Chennai Super Kings and Mumbai Indians, while Australia's New South Wales and Sydney Sixes won it one time each.
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Time of India
21 minutes ago
- Time of India
Sunjay Kapur's mother challenges appointment of his wife as Sona Comstar director
Sunjay Kapur's mother challenges appointment of his wife as Sona Comstar director NEW DELHI: A succession battle has broken out in the family of the late Sunjay Kapur, the promoter of Sona Comstar who died last month following a heart attack during a polo match. Alleging that the death of her son in the UK was "highly suspicious and (under) unexplained circumstances", Sunjay's mother Rani sought deferment of the company's AGM scheduled for Thursday, which, among other matters, had been called to approve the appointment of Priya Sachdev Kapur (Sunjay's wife) as a non-executive director. The AGM, however, went ahead as scheduled and Priya's appointment was approved by the board after being reviewed by the nomination and remuneration committee. Sona Comstar: Sunjay Kapur's mother not co's shareholder In a letter addressed to the company's board, Rani - without taking names - had alleged that some people had chosen the AGM as an opportune time to wrest control of the company and usurp the family legacy. She claimed that she had not given consent or officially nominated any person to be on the board of Sona BLW Precision Forgings (Sona Comstar). Rani also claimed that she was compelled to sign various papers while in a fragile emotional state following her son's death. "The contents of such documents have never been revealed to me," she was quoted as saying in the letter, according to a news agency. In a statement after the AGM, the company - which is run by non-family professionals (as decided by Sunjay during his lifetime) - denied any wrongdoing, and said that Priya's appointment had been approved after her name was nominated by Aureus Investments Pvt Ltd, the promoter family entity for Sona Comstar in which the Kapur family held a significant stake. Sona Comstar claimed that Rani is not a shareholder of the company and denied asking her to sign any documents after Sunjay's death. "Based on the legal counsel and the fact that Rani Kapur is not a shareholder of the company, the company concluded that it could not defer the AGM. For clarity, the company confirms that no documents have been signed or obtained from Rani Kapur following the passing of Sunjay Kapur," the statement said. It added that the AGM was conducted "in full compliance with applicable laws" and regulatory frameworks. "Sona Comstar remains committed to the highest standards of corporate governance and transparency." The company said that it had sought urgent legal advice from "one of India's most reputed law firms" in relation to the legality of proceeding with the AGM after Rani had requested a deferment. In her letter, Rani had stated that certain people were representing themselves as being "the largest shareholders of the company since they claim to represent the interest of the family in the company". She claimed that by virtue of a will executed by her late husband Surinder Kapur, she is the sole beneficiary of his estate and accordingly a major shareholder of Sona Group, including the auto component firm. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
an hour ago
- Economic Times
Sona Comstar Kapur family feud headed for the courts
Synopsis Mother of Sunjay Kapoor alleged she was forced into signing documents soon after her son's demise, company denies. Says she is not a shareholder and cannot stall AGM. IANS Sona Comstar defended its decision to proceed with the AGM as scheduled, saying this was in full compliance with applicable laws and regulatory timelines, rejecting Rani Kapur's claims of 'coercion' and misconduct raised by her following her son's death. The fight for control over the Kapur family-promoted Sona Comstar is headed for the courts, said people aware of the matter. The rift within the family following the death of Sunjay Kapur has deepened after the company went ahead with its annual general meeting (AGM) on Friday against the wishes of his mother and former chairperson Rani Kapur, who told the market regulator that she had been forced into signing documents soon after her son's Kapur died on June 12 after a heart attack in the UK at the age of 53. At the time he was chairman of the auto component business founded by his late father, Surinder Kapur. Sona Comstar is the flagship of the Sona Group and is valued at Rs 29,186 crore. The promoters own 28.02 per cent held primarily thru Aureus Investment Private Limited. Sona Comstar said the board had received Rani Kapur's written communication late on Thursday and 'out of respect and regards' for her sought an external legal opinion. Based on the advice received, it could not accede to her request and went ahead with the AGM primarily because 'Mrs Rani Kapur is not a shareholder of Sona Comstar,' it said in a statement to the exchanges. Rani Kapur had on Thursday had sought deferment of the AGM alleging that she was 'coerced' into signing documents behind locked doors when she was grieving, and that some people were trying to usurp the Kapur family legacy. She has not specifically named anyone in the letter she wrote to the Securities and Exchange Board of India (Sebi). She had also objected to the appointment of certain directors as representatives of the Kapur family. 'I've been informed that certain people are representing themselves as being the largest shareholders of the company since they claim to represent the interest of the family in the company. I am fully convinced that the documents which were executed by me under coercion and duress, post the demise of my son, at a time of mental and emotional vulnerability are being misused,' Kapur had said in the letter to Sebi. 'For the record, I state that I have not given any consent or officially nominated any person to come on the 0board of the company or any other Sona Group company after my son's demise or given any consent to any person to represent me in any capacity before the company and or any other Sona Group company.'At Friday's AGM, Sona Comstar shareholders voted in favour of various appointments including that of Sunjay Kapur's widow Priya Sachdev Kapur as a non-executive director with a 99.4% has learnt that Rani Kapur, who claims to hold majority ownership in the Sona Group by virtue of her late husband's will from 2015, may next week move the high court seeking a declaration that she continues to be a shareholder and was kept away from voting at the AGM. She is also likely to approach the National Company Law Tribunal alleging oppression and mismanagement at the company, sources senior lawyer Vaibhav Gaggar representing Rani Kapur, denied initiating legal action at this Comstar defended its decision to proceed with the AGM as scheduled, saying this was in full compliance with applicable laws and regulatory timelines, rejecting Rani Kapur's claims of 'coercion' and misconduct raised by her following her son's Gurgaon-based company also denied the accusation regarding documents. 'For clarity, the company confirms that no documents have been signed or obtained from Mrs Rani Kapur by the company following the passing of Mr Sunjay Kapur,' the company said in its to Sona Comstar, in May 2019, the company received a declaration of significant beneficial ownership identifying Sunjay Kapur as the sole beneficial owner of RK Family Trust, a significant shareholder of Aureus Investments Private Limited (AIPL), the promoter company. 'As per company records, Mrs Rani Kapur has not been a shareholder of the company at least since 2019,' the company said. 'Mrs Priya Sachdev Kapur was appointed as a non-executive director based on a nomination received from M/s Aureus Investments Private Ltd. Her appointment was duly reviewed by the board's nomination and remuneration committee and approved by the board of directors of the company.'After Surinder Kapur's death, son Sunjay took over as the managing director of Sona BLW Precision Forgings. Rani Kapur served as chairperson of the company and sole beneficiary of Surinder Kapur's estate, according to her letter. She said in the letter that she's the largest shareholder of the Sona Group, including the titular alleged gross illegalities have taken place at the company. 'I have also been provided with certain information in the past couple of days from certain well-wishers which leaves me very disturbed with respect to how things have transpired not just with respect to the family but also the company and the legacy of my late husband,' she also raised concerns over recent developments within the company's leadership structure, alleging that appointments to the board were being pursued without her knowledge or consent.
Time of India
2 hours ago
- Time of India
Sona Comstar Kapur family feud headed for the courts
The fight for control over the Kapur family-promoted Sona Comstar is headed for the courts, said people aware of the matter. The rift within the family following the death of Sunjay Kapur has deepened after the company went ahead with its annual general meeting (AGM) on Friday against the wishes of his mother and former chairperson Rani Kapur , who told the market regulator that she had been forced into signing documents soon after her son's demise. Sunjay Kapur died on June 12 after a heart attack in the UK at the age of 53. At the time he was chairman of the auto component business founded by his late father, Surinder Kapur. Sona Comstar is the flagship of the Sona Group and is valued at Rs 29,186 crore. The promoters own 28.02 per cent held primarily thru Aureus Investment Private Limited. Sona Comstar said the board had received Rani Kapur's written communication late on Thursday and 'out of respect and regards' for her sought an external legal opinion. Based on the advice received, it could not accede to her request and went ahead with the AGM primarily because 'Mrs Rani Kapur is not a shareholder of Sona Comstar,' it said in a statement to the exchanges. Live Events Rani Kapur had on Thursday had sought deferment of the AGM alleging that she was 'coerced' into signing documents behind locked doors when she was grieving, and that some people were trying to usurp the Kapur family legacy. She has not specifically named anyone in the letter she wrote to the Securities and Exchange Board of India (Sebi). She had also objected to the appointment of certain directors as representatives of the Kapur family. 'I've been informed that certain people are representing themselves as being the largest shareholders of the company since they claim to represent the interest of the family in the company. I am fully convinced that the documents which were executed by me under coercion and duress, post the demise of my son, at a time of mental and emotional vulnerability are being misused,' Kapur had said in the letter to Sebi. 'For the record, I state that I have not given any consent or officially nominated any person to come on the 0board of the company or any other Sona Group company after my son's demise or given any consent to any person to represent me in any capacity before the company and or any other Sona Group company.' At Friday's AGM, Sona Comstar shareholders voted in favour of various appointments including that of Sunjay Kapur's widow Priya Sachdev Kapur as a non-executive director with a 99.4% majority. ET has learnt that Rani Kapur, who claims to hold majority ownership in the Sona Group by virtue of her late husband's will from 2015, may next week move the high court seeking a declaration that she continues to be a shareholder and was kept away from voting at the AGM. She is also likely to approach the National Company Law Tribunal alleging oppression and mismanagement at the company, sources added. However, senior lawyer Vaibhav Gaggar representing Rani Kapur, denied initiating legal action at this stage. Sona Comstar defended its decision to proceed with the AGM as scheduled, saying this was in full compliance with applicable laws and regulatory timelines, rejecting Rani Kapur's claims of 'coercion' and misconduct raised by her following her son's death. The Gurgaon-based company also denied the accusation regarding documents. 'For clarity, the company confirms that no documents have been signed or obtained from Mrs Rani Kapur by the company following the passing of Mr Sunjay Kapur,' the company said in its statement. According to Sona Comstar, in May 2019, the company received a declaration of significant beneficial ownership identifying Sunjay Kapur as the sole beneficial owner of RK Family Trust, a significant shareholder of Aureus Investments Private Limited (AIPL), the promoter company. 'As per company records, Mrs Rani Kapur has not been a shareholder of the company at least since 2019,' the company said. 'Mrs Priya Sachdev Kapur was appointed as a non-executive director based on a nomination received from M/s Aureus Investments Private Ltd. Her appointment was duly reviewed by the board's nomination and remuneration committee and approved by the board of directors of the company.' After Surinder Kapur's death, son Sunjay took over as the managing director of Sona BLW Precision Forgings. Rani Kapur served as chairperson of the company and sole beneficiary of Surinder Kapur's estate, according to her letter. She said in the letter that she's the largest shareholder of the Sona Group, including the titular company. She alleged gross illegalities have taken place at the company. 'I have also been provided with certain information in the past couple of days from certain well-wishers which leaves me very disturbed with respect to how things have transpired not just with respect to the family but also the company and the legacy of my late husband,' she said. She also raised concerns over recent developments within the company's leadership structure, alleging that appointments to the board were being pursued without her knowledge or consent. Economic Times WhatsApp channel )
