With no role in the cricket administration, any conflict of interest issues surrounding the promoter have disappeared. Srinivasan and his family have also since returned as CSK promoters.
The changes were noted in Chennai Super Kings’ annual report for 2022-23. According to the annual report, the trust distributed almost all of its CSK shares to eligible promoter and non-promoter shareholders of India Cement. The India Cement Shareholders Trust’s holding fell to 1.76% in 2022-23 from over 30% the previous year. According to the annual report, the trust distributed 384,882 CSK shares to non-promoter shareholders of India Cement and 86.7 million shares to promoters of India Cement.
Srinivasan and his family currently own 28.14% of CSK. The latest annual report mentions the names of seven promoters: EWS Finance & Investments (21.47%), Rupa Gurunath, trustee of Financial Services & Securities Services Trust (6.48%), N Srinivasan (0.14%), Chitra Srinivasan (0.02%), Rupa Gurunath (0.01%), SK Ashok Baaraje (0.02%) and Rajam Krishnamurthy (1,940 shares). None of these seven promoters had any CSK shares in the previous year. It may be recalled that it was only in 2019, a few years after CSK was incorporated as a separate company, that the Damani family started buying shares in India Cements. Since then, Srinivasan and his family have reportedly increased their holding in CSK to more than a majority stake.
