MAM
Dream 11 bags IPL title sponsorship rights
NEW DELHI: Fantasy sports platform Dream11 has bagged the title sponsorship rights of IPL 2020 for Rs 222 crore, as per PTI reports. The fantasy league platform has replaced the Chinese mobile phone brand Vivo for a four-and-a-half-month deal.
Dream11 has been one of the IPL sponsors for a couple of years now. "Dream11 has won the rights with a bid of Rs 222 crore," IPL Chairman Brijesh Patel told news agencies.
However, there has been no confirmation from Dream 11, at the time of filing this story.
Companies like Tata Sons, Unacademy, and Bjyus participated in the bidding process. According to multiple media reports, Unacademy had bid Rs 210 crore, Tata Sons had bid Rs 180 crore and Byju's had bid Rs 125 crore.
Vivo and BCCI postponed their partnership for one year due to the prevailing Sino-India border stand-off. Under the deal with Vivo, BCCI was receiving Rs 440 crore per year. The IPL will be held from September 19 to November 10 in the UAE this year.
On August 10, the Board of Control for Cricket in India (BCCI) had sent out invitations to third parties to express their interest (EOI) in acquiring the title sponsorship rights for IPL 2020.
Fantasy sports platform Dream11 wins IPL title sponsorship rights with a bid of Rs 222 crore: IPL Chairman Brijesh Patel to PTI
— Press Trust of India (@PTI_News) August 18, 2020
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â 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.
