MAM
Cricket South Africa seals 6-year sponsorship deal with Momentum
MUMBAI: Cricket South Africa (CSA) has roped in financial services group Momentum as its official single-title sponsor of all one-day events under its jurisdiction.
The contract gives Momentum full sponsorships rights of One-Day International (ODI) cricket as well as One-Day Domestic events, both at franchise and affiliate level over the next six years.
According to South African daily The Star, the sponsorship is in the region of 30 million Rands.
The sponsorship also includes a boost for ongoing development at provincial level with support of the National Club Championships included in the deal.
CSA Acting CEO Jacques Faul said, “This new ODI partnership will play a significant role in our ultimate objective in this format of finally bringing the ICC World Cup back to our trophy shelf in 2015. This support will enable us to achieve our vision of making cricket a truly national sport and South Africa a nation of winners.”
Momentum CEO Nicolaas Kruger said, “Momentum is delighted to have secured this sponsorship deal. We are pleased that we have had a meeting of minds on the way forward for cricket in South Africa.”
The deal will come as a boost for CSA which was rattled by misappropriation of funds involving former chief executive Gerald Majola, who was suspended by Cricket SA’s Board of Directors pending inquiry.
“With regard to the necessity to improve future governance issues, Momentum is satisfied with both the contractual assurances, as well as governance improvements that have been implemented by CSA. We see this investment as a solid business proposition for the Group and a way to align and extend our brand awareness to a broader audience,” added Kruger.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
