Undoubtedly, Investor Shree Cements PVT LTD’s main focus at the moment is ISL. But Few Club Officials and Club Members have alleged for Non-Cooperation with Investors, and also of Spreading Controversy which might very well affect the performance of the Team in Goa.
Club Members Still have not handed over some important documents, which were asked by the Investor Group, Which Consists of:
1.Audited Accounts of 2019-20
3. Details regarding Loans and Borrowings
4.No Objection Certificate (NOC)
This is the sole reason for which SC East Bengal could not fit into AFC Club Licensing Criteria. Though, there are 5 ISL Franchises who also have failed in the AFC Club Licensing. Shree Cements informed AIFF that they will submit the necessary documents once the Club Officials forward them.
No, Bother saying that after their Arch Rival Mohun Bagan entered ISL, There was immense pressure on East Bengal Club Management to fin a Proper Investor and make a way to ISL. They were approaching, many Groups until, the Shree Cement Directors emerged as their SAVIOR, with the active Participation of WB, CM Mamta Bannerjee, Reliance Group, and Sourav Ganguly in the Mid of August 2020. On 1st September the Term Sheet (Contract) was signed between the Investor Shree Cements and East Bengal Club.
Everything was running fine until, There was a need for an Extra-Ordinary General Meeting (EOGM) with the recommendation of the Club Members with the Investing Group, since the Contract, which was signed as a preliminary one. As the time was short for ISL Participation, Taking the Team to Goa and Foreigner Recruitment, The Investing Group, started Actively Pressing the button and Showering Money, without even Obtaining “DEFINITIVE AGREEMENT” on Hand
Then when the ‘EOGM’ took place, a big part of Club Members, raised contradictory questions about their rights, which really wasted a lot of time and even made ISL participation bleak for the Ed Gold Brigade. Then Reliance and FSDL came to mediate the situation, slight Modifications were made, and that Contract Papers sent to the Club for Signing the “DEFINITIVE AGREEMENT”, which still Is due to be returned to the Investing Group!!
East Bengal Club Officials still did not provide the ‘INDEMNITY Bond’, which is a crucial element for the Long Run relationship to the Investing Group! Shree Cements already provided a BANK GUARANTEE of 200 cores and apart from that 65 Crore has already been invested. Investors Shown their positive intent by bringing A Legendary Figure Robbie Fowler as Coach and in a short phase of time, Signed some big names as Foreign recruitment, still, The Club Officials are not moving forward with a Happy Note towards them!!
It won’t be bad to say that, the same Negative Intent made a Permanent Breakage in the knot with the Former Sponsor ” Quess Corp”.It seems that they have not taken any lessons from the past disaster. Quite Interestingly, The important thing for them, that Counts is “Power” and Not The Success of the mother Club of Billions of Supporter “EAST BENGAL”, Now only time will tell what lies beneath!