Deccan Chronicle have reportedly sold the Deccan Chargers to a Mumbai based real estate company, Kamla Landmarc.
Kamla Landmarc, owned by Ramesh Jain, undertakes construction of residential and commercial projects.
Reports are that the decision to dispose off the IPL franchise was taken by the owners after a meeting.
The owners wrote to National Stock Exchange of India Limited and BSE Limited informing about the passed proposal.
"This is to inform you that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited," the letter said.
"The above resolution of the Board has been passed subject to the approval of the shareholders of the Company under Section 293(1)(a) of the Companies Act, 1956 read with Companies, Rules 2001 and subject to the approvals, consents, permission and sanctions as may be necessary from the concerned authorities, lenders and other third parties," the letter further said.