Deccan Chronicle Holdings today said its board of directors has decided to sell the Indian Premier League (IPL) cricket team Deccan Chargers to Kamla Landmarc Real Estate Holdings.
"Deccan Chronicle Holdings Ltd has informed BSE that pursuant to its meeting of the board of directors held on October 11, 2012, it was resolved to authorise the board of directors to sell, transfer or dispose off the Deccan Chargers franchise business undertaking or business division of the company to Kamla Landmarc Real Estate Holdings. The above resolution of the board has been passed subject to the approval of the shareholders of the company," a notice on Bombay Stock Exchange (BSE) read.
The company has also approved the draft memorandum of understanding placed before the board of directors. "It was proposed to record the preliminary understanding between the company and Kamla Landmarc Real Estate Holdings in respect of the proposed sale and transfer of the Deccan Chargers franchise and in this regard, the company has authorised the board of directors of the company to execute the said memorandum of understanding with Kamla Landmarc Real Estate Holdings," the notice said.