The owners of the Indian Premier League newest team, Kochi, submitted the necessary ownership records to the Indian cricket board to clear speculation over their bid being cancelled.

This follows reports that the BCCI wanted to know the status of one of the partner in the consortium, who owns a 25% stake. The BCCI had reportedly asked the franchisee to reveal identity of all its shareholders.

Kochi officials said they would complete all formalities by April 12.

Reports say the IPL Commissioner Lalit Modi will sign the agreement with Kochi officials on Saturday.

Mr Modi earlier denied rumours of the Kochi franchisee being scrapped.

"No such thing was possible," Modi wrote in his twitter account.

He said the delay was because the franchisee agreement was not in line with the consortium agreement.

A consortium of various business groups, under the umbrella of Rendezvous, had bid Rs 1300 crore for the Kochi based franchisee at an auction last month.

Click here to find out the Moments, Partnerships and Overs that changed the games in the India T20 tournament. Also enter the contest to win free Tata Photon Plus. Hurry!!!

Buy a pack of Castrol & Win a Free* trip to South Africa and watch 2010 FIFA World Cup live