Virat Kohli, the skipper of the Indian cricket team, has found himself tangled in a mini-controversy regarding conflict of interest. Galactus Funware Technology Pvt Ltd, a start-up based in Bengaluru, has the 32-year-old has one of its investors. Back in February 2019, Virat was allotted debentures worth Rs 33.32 lakh after he invested in the company.
However, in 2020, things changed. Galactus is currently the proud owner of Mobile Premier League (MPL), a popular gaming platform. In November 2020, the Board of Control for Cricket in India (BCCI) appointed MPL as the merchandise partner and official kit sponsor. The same has raised the conflict-of-interest issue.
Virat Kohli has convertible debentures worth Rs 33.32 lakhs
Virat has featured in a number of advertisements, promoting the MPL. As per reports in Indian Express, back in February 2019, an extraordinary general meeting took place where Galactus gave him compulsory convertible debentures worth Rs 33.32 lakhs.
Going by the agreement, Kohli will be owning 0.051 per cent stake in the company after 10 years of signing the deal with the conversion ratio being 1:1. This means the Delhi-born will be getting one share for each CCD.
In the meantime, Cornerstone Sport CEO Amit Arun Sajdeh, in the same EGM, got CCD’s worth Rs 16.66 lakh. It’s also pertinent to note that Sajdeh is Kohli’s partner in two companies.
In a conversation with Indian Express, Sajdeh said that Kohli didn’t have restrictions in investing in a business. “There is no conflict whatsoever as long as Virat is not invested in Cornerstone,” Sajdeh was quoted as saying.
For the time being, Virat is on paternity leave, which he took after the first Day-Night Adelaide Test that India lost. Even as Ajinkya Rahane is standing in as the captain, Virat is with his wife Anushka Sharma, who is due to give birth to their first child in January. For the decision, Virat has been greeted with mixed reactions from the cricket fraternity.
While many reckon that he has every right to decide, a few feel that Virat shouldn’t have left his national team. However, he has continued to follow his team despite not being in the eleven.
Source: The source of this content is our cricket news platform Crictracker.
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