RWITC gets licence to race - By Shailendra Awasthi I TOI
Posted on - 09 Nov 2014
RWITC gets licence to race
By Shailendra Awasthi
TOI
Though the issue of renewal of lease of the Mahalaxmi Racecourse is still pending, the racing fraternity is delighted by the news that home ministry of Maharashtra has issued the licence for racing for the year 2014-15 recently. In fact the license was granted for year 2013-14 and 2014-15.
“It is a significant development for us,” Royal Western India Turf Club chairman Vivek Jain told TOI. “Extensive discussions resulted in the increase in fees being pegged at 10%, and further as the lease is under consideration, the decision of the government to give the licence makes it clear that there is no intent to stop racing at Mahalaxmi,” added Jain.
The club administration also managed to get concessions on extra race day charges. “We also successfully ensured the extra race day charges were increased by 10% only in line with the license fee. I hope to meet senior functionaries at both the national and state level on the lease issue, and am more than confident a satisfactory solution will be found,” Jain informed.
Meanwhile at a rare EOGM held by the RWITC earlier this week, changes in the Articles of Association (AoA) of the club were approved to bring them in conformity with the Companies' Act 2013. After a short debate, these were approved unanimously by a show of hands.
Thereafter chairman Jain offered an open house with the members on the affairs of the club and satisfactorily answered various questions raised by the members. He also highlighted the reasons for negative turnaround in profitability under various heads of revenue and expenses, many outside the control of the Committee. He added that the results were for the year starting July 1, 2013, implying that he took over only six or more months later. Further decisions made in the previous year such as increase in stakes, change in method of lawn booking, Mini Club, incentives etc impacted this year's profitability.
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