I-League club East Bengal, on Friday, received the No Objection Certificate (NOC) from its previous investor Quess Corp, thereby allowing the club to bring new investors on board.
In a letter addressed to the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) titled "Termination of the share subscription and shareholder's agreement dated July 5, 2018 with East Bengal club", Quess announced its decision to terminate its affairs with the club.
East Bengal's top official, Debabrata Sarkar, confirmed the receipt of the NOC to Sportstar.
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 24 to complete the licensing criteria and remain eligible to play in the AIFF recognised tournaments in India.
East Bengal has for long been eager to enter the Indian Super League (ISL), after its arch-rival Mohun Bagan merged with ATK to join the ISL, and Friday's development could prove to be a major boost in that regard.