New Delhi:The Indian Olympic Association (IOA) treasurer Sahdev Yadav on Tuesday responded to the show cause notice of IOA president PT Usha over an alleged financial wrongdoing during his tenure as secretary general of the Indian Weightlifting Federation (IWLF), calling the charges “baseless accusations” and providing documents to make his point.
The IOA president had served notices to five executive committee members for several violations, including that of Sports Code.
Usha accused Yadav of not returning a loan amount of ₹1.75 crore IWLF had taken from 2010 CWG Organising Committee to pay off a penalty of $500,000 (to be paid in four instalments) that the International Weightlifting Federation had imposed on the Indian body for a series of doping offences.
Yadav said since the fine amount was huge, IWLF sought financial assistance from the Sports Ministry to help them repay the penalty as Indian team’s participation in CWG at home was at risk. He said the IWLF paid the first three instalments ($50,000 for participation in South Asian Games) and further paid an amount of $125,000 in two instalments.
“The Sports Ministry on 24/08/2010) directed CWG Organising Committee to release ₹1,75,00,000 to the IWLF as an interest free loan with a moratorium of one year. The said amount was deducted from the payment due to the IOA from the OC CWG 2010 under the Joint Marketing Programme. Thus, the decision to extend the loan amount was taken in public interest by the public functionaries,” Yadav wrote in his reply to Usha on Monday.
He further said that the loan amount was later written off by IOA and attached the minutes of the meeting when the decision was taken.
“Please bear in mind that no outstanding liabilities have been reflected in the accounts of the IOA in its financial statements since 2010. The above mentioned transaction was not even mentioned in any financial statements. The minutes of the 5th executive council meeting of IOA dated 1/11/2021 reflect a categorical agreement that the amount debited in favour of IWLF were reversed in the Books of Accounts of the IOA and that the said amount would never be claimed again. The Books of Accounts were accordingly corrected whereby the loan amount was written off.”
However, the loan amount was reflected in notes to accounts of the independent auditor’s report (dated 16.8.2022) for the IOA fiscal year 2020-21. “The report lost sight of the EC meeting.”
Interestingly, Yadav also noted that the audited financial statements for financial years 2019-20 and 2020-21 were unanimously approved in the AGM in November 2023 which was presided by Usha. “You are now trying to disown the proceedings of the AGM that have been presided over by you.”
Usha had also charged Yadav of holding his position in IOA in violation of the Sports Code. Yadav said the election of the IOA was conducted as per the rules and regulations of the amended constitution of IOA as approved by the Supreme Court of India. He said his nomination would have been rejected by the returning officer and he would have been disqualified from contesting the election as treasurer of the IOA had there been any violation.
Taking a tough posture on the notices served to him by Usha, Yadav asked her to withdraw the notice or else he would be open to initiate legal action for the baseless accusations directed towards him.
