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InDepth headlines national business sports cricket regional entertainment technology world travel autos health | in-depth coverage > Cricket World Cup 2003 > ICC confirms stand on releasing withheld money to India 18.28 IST 03rd Nov 2003 By IndiaExpress Bureau The International Cricket Council has confirmed that it would release the World Cup money withheld by it from India and some other countries but only when "a series of strict conditions are met". The ICC said in a statement from Barbados, West Indies, where a two-day meeting of its Executive Board was held last weekend, that member countries would have to comply with specific conditions before they can "access" the withheld money. These conditions will include, the ICC's independent auditors and lawyers agreeing that the release of any money is a prudent and appropriate action and the independent advisors agreeing to the appropriate amount of money, if any, that should be released, the statement said. The game's world governing body said any member country wishing to access any money that is freed after the professional advice must give an "unconditional and irrevocable legal undertaking" which may take the form of a bank guarantee, to pay back the money if required by ICC. "The mechanism proposed ensures that each member is obliged to give the same undertakings in order to access their money. These undertakings are comprehensive, unconditional and as good as cash in the bank. If these can be met, the money can be released," ICC president Ehsan Mani said in the statement. India's World Cup guarantee money amounting to nearly Rs 30 crores was withheld by ICC since its cricketers participated in the World Cup on amended Players Terms in the ICC contract. in-depth coverage > Cricket World Cup 2003 > |
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