Shree Cement Limited, the new investors for East Bengal FC, registered a new company named 'Shree Cement East Bengal Foundation' with the Ministry of Corporate Affairs in early September.
Subsequently, the company picked up the bid papers issued by FSDL (Football Sports Private Limited) to play in the ISL (Indian Super League) and submitted the same on Monday, September 14, to the organisers.
But the sporting rights of East Bengal Football Club are still held by the company 'East Bengal Club Private Limited'. To play in the ISL and to fulfill the AFC (Asian Football Confederation) licensing criteria it is mandatory that the sporting rights must be transferred to 'Shree Cement East Bengal Foundation' since it is the entity that has picked up the bid.