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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Matrize Exit Poll predicts Congress sweeping Haryana with whopping majority
BJP set to win only 18-24 seats
New Delhi: As the polling has ended in Haryana’s 90 Assembly constituencies today, the Matrize Exit Poll has projected a challenging outcome for the ruling Bharatiya Janata Party (BJP), predicting it to win between 18-24 seats. The Congress is expected to make a comeback with 55-62 seats, while the Indian National Lok Dal (INLD) is likely to be limited to 3-6 seats. The Jannayak Janta Party (JJP) is likely to secure around 3 seats, and other parties are expected to win between 2-5 seats.
As of 5 pm, voter turnout stood at 61%, indicating a keenly contested election. The BJP, which aims to secure a third consecutive term in the state, is facing a tough battle as the Congress seeks to regain power after being out of office for nearly a decade.
In the previous assembly elections, exit polls had projected varying outcomes. India Today had predicted 38 seats for the BJP and 36 for Congress, while ABP-C Voter projected a landslide with 72 seats for the BJP and 8 for Congress. News 18-IPSOS estimated a BJP victory with 75 seats and 10 for Congress. However, the final results led to a hung Assembly, with no party securing a majority. The BJP eventually formed the government with the support of the JJP and several Independent MLAs.
This time, with exit polls indicating a possible shift in voter preference, all eyes are on the final results to see if Congress can indeed stage a comeback or if BJP will retain its hold in the state.
