KOLKATA: Hero I-League club East Bengal FC on Friday received the No Objection Certificate (NOC) from its previous investor Quess Corp, thereby clearing the way for the Kolkata giants to submit the necessary documents to participate in the upcoming season’s Hero I-League.
The NOC also allows the club to bring new investors on board.
Quess Corp, being a listed company, confirmed the decision to terminate its affairs with the club in a notice posted on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE): “The Board of Quess Corp has approved the termination of the Share Subscription and Shareholders Agreement (Agreement) dated 05 July 2018 executed between Quess East Bengal FC (QEBFC), East Bengal Club (Club) and the Company.”
The decision sees East Bengal regain its footballing rights and will allow it to complete its club licensing formalities. East Bengal will have to clarify its ownership status with the All India Football Federation (AIFF) by July 31 to complete the licensing criteria and remain eligible to play in the AIFF recognised tournaments in India.
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