Mohun Bagan: Srinjoy Bose - I learnt about the investor from the media

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Mohun Bagan secretary had announced a deal with Streamcast but board member Srinjoy Bose says he was unaware of the development...

Mohun Bagan official Srinjoy Bose has revealed that he was unaware of the developments regarding a new investor. 

Earlier today, club secretary Anjan Mitra announced a 10-year deal with global technology group Streamcast. According to the terms of the deal, the company is set to make an initial investment of INR 200 crores with an investment of an extra INR 150 crores to be made later on.

Mohun Bagan secretary Anjan Mitra had said, “We have been in talks with them for the past few months. We have submitted the required paperwork. There is some more paperwork left. I hope the other directors will co-operate. An agreement will be signed on September 9 and we will complete all paperwork by September 15. We will sign a MoU. 74% share will be handed over to them.

 “I have spoken with other directors. We have been in talks for three months. We all agreed to hand over 74% (shares). There was a resolution passed in the executive committee to hand over 74% (shares) with immediate effect.”

Speaking to the media, Srinjoy Bose, a member of the board of directors at Mohun Bagan, revealed that he was not informed of any such development.

"I am learning about the investors from the media. There has been no prior communication to us from the club about any investor. But if any investor has come forward they are welcome.

"We have been bringing sponsors to the club till date but if someone else has done the job then we have no problem. We all want the good of Mohun Bagan. But the club administration could have at least made a phone call and informed us of the developments."

With the club election date likely to be announced later this month, Bose believes that the decision on a new investor is crucial. 

"If the company is sound enough then we have no problem but if not then I can only request him not to further jeopardize the club. Let us wait for the elections at least. The members will decide who will get the responsibility of getting sponsors on board. 

"It is not new that if any investor comes on board the shareholders have to transfer a certain percentage of their stake. This is happening all over the world. It has become a common practice. 

"We have been able to bring sponsors for many years. But whenever he takes the initiative to get sponsors some problem or the other crops up. We are ready for any kind of discussion with the secretary for the good of Mohun Bagan," Bose said.

Former financial secretary Debasish Dutta was also in the dark about Mohun Bagan's new deal. "(Anjan Mitra) did call me and requested me for a document. He requested me for the accounts for the past four months.

"But during that communication with Mr Mitra, I was not informed of any potential investor or any details pertaining to it," Debasish stated.

"I think that there's a difference in what is being said and what is being done. He could have called a board meeting and discussed it at length. We have not received any proposal," he concluded.

Bose and Dutta did not want to comment on whether they were willing to transfer shares to the new investor as they are still awaiting an official proposal.