After Batting, Is Virat Kohli Indulging in Conflict of Interest?
The batsman has 68 CCDs in a tech firm which is official merchandise partner and kit sponsor of Indian cricket team
Right before welcoming his baby with Anushka Sharma, Indian Captain Virat Kohli has landed in a trouble for conflict of interest as he is an investor in a gaming company that is the sponsor of the Indian cricket team.
Galactus Funware Technology Private Limited owns the famous online gaming platform Mobile Premier League (MPL). It is a subsidiary of M-League Pte Ltd, a company registered in Singapore in April 2018.
Its headquarters is based in the Indian city of Bengaluru.
Further, the company allotted 68 Compulsory Convertible Debentures (CCDs) to Virat Kohli for INR 3.332 million.
As per Indian Express, “Kohli was allotted 68 CCDs with a face value of Rs 10, each issued at a premium of Rs 48,990 (INR 3.3 million). These CCDs will be converted into equity shares at the end of 10 years, the conversion ratio being 1:1, i.e. one equity share for one debenture”.
Indian Express reported that a top BCCI official told, “BCCI was not aware that Kohli has a stake in MPL. “
Kohli has also endorsed the Mobile Premier League (MPL).
Galactus Funware was signed as the official kit sponsor and merchandise partner by the Board of Control for Cricket in India (BCCI) on November 17, 2020.
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Before MPL was signed by BCCI, it had hired Kohli as brand ambassador in January last year.
The BCCI constitution defines commercial conflict and what Virat Kohli has done can be interpreted as conflict of interest as it violates terms.
