CAG report highlights ₹24 crore loss to IOA due to faulty agreement with RIL
New Delhi: The Indian Olympic Association (IOA) has incurred a loss of ₹24 crore due to a flawed sponsorship agreement with Reliance India Limited (RIL), according to a report by the Comptroller and Auditor General of India (CAG). The CAG audit points to undue favor granted to RIL through the sponsorship deal.
The agreement, initially signed on August 1, 2022, granted RIL the status of Official Principal Partner for the 2022 and 2026 Asian Games, 2022 and 2026 Commonwealth Games, 2024 Paris Olympics, and 2028 Los Angeles Olympics. Subsequently, the agreement was amended on December 5, 2023, to include additional rights for the 2026 and 2030 Winter Olympic Games, as well as the 2026 and 2030 Youth Olympic Games, without a corresponding increase in the consideration amount.
According to the CAG report, despite the addition of four more events, the consideration amount remained unchanged at ₹35 crore. The report stated that the consideration should have been revised to ₹59 crore, calculated at ₹6 crore per game. As a result, the IOA suffered a loss of ₹24 crore.
IOA President PT Usha has been asked to respond to the half-margin issued by the CAG regarding the agreement. Ajay Kumar Narang, executive assistant to PT Usha, stated that the agreement had to be renegotiated due to a flaw in the original tender, which did not account for changes made by the International Olympic Committee (IOC) regarding the naming rights of sponsor houses.
IOA treasurer Sahdev Yadav has raised concerns over the lack of consultation with the executive council and sponsorship committee during the amendment of the agreement, questioning who authorized the changes that benefitted RIL.
The report has called for an explanation from the IOA on why the amount was not enhanced as required, stating that the association failed to safeguard its own interests.
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Defeated delimitation bill in Parliament to defend idea of India: Cong leader Rahul Gandhi
Chennai (PTI): Congress leader Rahul Gandhi on Saturday said the opposition parties defeated the delimitation bill in the Parliament on Friday to defend the "idea of India."
Addressing a poll rally at Ponneri here, he said the BJP-led government at the Centre brought a new bill on April 16, and said they were trying to pass the women's bill, which he said was passed in 2023.
"In the so-called Women's Bill, delimitation was hidden. The idea was to reduce Tamil Nadu's representation in the Union of India... the delimitation move by BJP was to weaken the strength of southern states, small states, north eastern states," he alleged.
"We defeated in Parliament, a bill in which delimitation was hidden; we defeated it to defend the idea of India."
Rahul added that India that is Bharat, is a union of states, and every single state should have a voice, be free to express itself, and protect its tradition.
