Former IPL chairman Lalit Modi declared bankrupt

MUMBAI: In a major setback for former IPL chairman Lalit Modi, a London court has declared him bankrupt over unpaid bills of 65,000 pounds (approximately Rs. 5.3 million) owed to private security firm, Page Group, through an order it passed last month.

The international securities and risk assessment company has claimed that Modi owes fees for security services it provided to him and his family in 2010.

Stuart Page, the company?s chairman, said: "It?s unfortunate that we have come to this situation but Modi has given us no other option. We gave Modi a number of security services in relation to threats made against him and his family. We submitted a number of invoices which were not paid. Our attempts to reach a settlement with Modi were to no avail and we were forced to take the action we have taken."

Modi in his defence said, "Until the order was served, I was completely unaware of any outstanding monies. I have not seen any previous demands but since it came to my attention, I?ve even offered to lodge the sum being claimed with the court pending clarity. But for some reason, that was refused, by the company concerned."

The former IPL chairman, though, feels that it is an attempt to gain cheap publicity by the securities firm. "It is a ridiculous waste of everyone?s time and I can only assume it is being done in an attempt to gain some sort of publicity at my expense. Any suggestion that this order means I am unable to pay is equally ridiculous," Modi said.

A hearing will be held in London shortly when Modi will attempt to have the order set aside.