Mumbai, Apr 24 (IANS): Chairman of United Breweries Group and owner of the Royal Challengers Bangalore IPL team, Vijay Mallya believes that the controversy surrounding the cricket extravaganza and Lalit Modi has been blown out of proportion and unnecessarily sensationalised.

"Controversies around IPL have been blown enormously out of proportion. The enquiry is far from complete. Yet the IPL and Lalit Modi have been dammed, I cannot understand why," Mallya told reporters at the IPL Awards, hosted by director-producer Karan Johar here at Grand Hyatt hotel.

"I think there should be a calm, peaceful comprehensive enquiry. After that if there is any wrongdoing, it must be taken in accordance with the law. But jumping to such wild conclusions and creating so much sensationalism around the IPL, I think is most unfortunate," he added.

Mallya is upset that his team couldn't make it to the final this year but hopes to secure at least the third place.

"When the tournament started I told my team that we must at least make the semis. Making to the semis itself, I think, is an achievement. Last year we were in the finals. Obviously we are a little disappointed that we are not in the finals this year, but this is a sport. The better team always wins. That was not our day but we will hopefully secure the third place, which I think is an achievement enough," said Mallya.