Play Fantasy Cricket & Win

Cash Daily! Click here

Home > News >

Deccan Chargers’ termination order stands, confirms BCCI

IPL franchise Deccan Chargers sold

Mumbai based real-estate company Kamla Landmarc bought the Hyderabad franchise © AFP

Mumbai: Oct 13, 2012 

 

After a month long legal battle, the cash-strapped Deccan Chargers lost its status as an IPL team after the Bombay High Court stayed the order of Arbitrator for maintaining status quo on the matter till further hearing.

 

The beleaguered owners of Deccan Chargers had yesterday failed to produce a Rs 100-crore bank guarantee before the Bombay High Court, a condition that had been set for the struggling team’s survival in the league. They later approached the Court-appointed Arbitrator who had passed the order of status quo.

 

“BCCI moved an appeal against the Order of Arbitrator and the same was heard today morning. The Hon’ble High Court was pleased to stay the Order of Arbitrator after hearing both the parties”, the BCCI said in a  statement.

 

“Thus, the termination of Deccan Chargers franchise stands”, the BCCI said, ending the uncertainty on the fate of the team which has run into huge financial problems.

 

Deccan Chronicle Holdings Limited’s failure to furnish the guarantee money before the 5pm deadline yesterday effectively meant that the BCCI’s termination of the team stood and the Board was free to float the tender for a new franchise. But the Arbitrator’s order prvented BCCI from going ahead with its termination process.

 

“The termination of Deccan Chargers franchise was challenged in the Hon’ble Bombay High Court by the DCHL pending the arbitration. A Conditional Order of stay was granted by the Hon’ble High Court pending arbitration on 1st October 2012″.

 

“The condition to give BCCI a Bank Guarantee of a Nationalized Bank for Rs 100 Crores by 5.00 p.m. on 12.10.2012 to cover expenses of IPL 6, was breached by DCHL”, the BCCI statement said. 

 

 DCHL, the owner of the franchise, had on Friday sought an extension to the deadline until October 15 to submit an “irrevocable and unconditional” bank guarantee but the High Court refused to grant further time.

 

Justice S J Kathawala had declined to give them more time, saying the earlier deadline of October 9 had been extended by three days to accommodate them.

 

The court had on October 1 asked DCHL to give the bank guarantee which would be in force for a period of one year.

 

The BCCI had last month taken the decision to terminate the contract after an emergency IPL Governing Council meeting in Chennai. The DCHL had moved the Bombay High Court challenging the termination.

 

The court had at an earlier hearing ordered DCHL to bear all expenses for IPL 6 including making payments to BCCI towards franchise, players and support staff. Besides, it was asked to bear the costs of conducting matches and other expenses.

 

In the event of any default on part of DCHL, BCCI shall be entitled to invoke the bank guarantee to the extent necessary, Justice Kathawala had said.

 

The court had on September 26 appointed retired Supreme Court judge C K Thakkar as arbitrator to resolve within three months the dispute between BCCI and DCHL over the termination of Deccan Chargers franchise.

 

DCHL had on Friday informed the Bombay Stock Exchange about its decision to sell the IPL franchise to a Mumbai-based real estate firm Kamla Landmarc Real Estate Holdings Ltd for an undisclosed sum. The fate of the deal remained uncertain now.

 

Deccan Chargers was hoping to resolve its financial problems by selling the team but it rejected the sole bid it received at the auction in Chennai on September 13.

 

PVP Ventures Limited, the Hyderabad-based urban infrastructure and film production company, had offered Rs 900 crores but Deccan rejected it finding the terms of payment and the amount unacceptable. DCHL purchased the Hyderabad franchise for Rs 428 crore in 2008. (PTI)

Indian T20 League 2014

Apr 17, 2014 (20:00 IST)   at Sharjah

Indian T20 League 2014

Apr 18, 2014 (16:00 IST)   at Abu Dhabi

Indian T20 League 2014

Apr 18, 2014 (20:00 IST)   at Abu Dhabi

Indian T20 League 2014

Apr 19, 2014 (16:00 IST)   at Dubai

Indian T20 League 2014

Apr 19, 2014 (20:00 IST)   at Dubai

More

Indian T20 League 2014

Apr 16, 2014  at Abu Dhabi

Scores delayed by 15 mins Kolkata Knight Riders won by 41 runs

Womens World T20, 2014

Apr 6, 2014  at Dhaka

Australia Women won by 6 wkts

T20 WC 2014

Apr 6, 2014  at Dhaka

Sri Lanka won by 6 wkts

Womens World T20, 2014

Apr 4, 2014  at Dhaka

England Women won by 9 wkts

T20 WC 2014

Apr 4, 2014  at Dhaka

India won by 6 wkts

Photos

Duke and Duchess of Cambridge play cricket

Videos

Video Highlights: Mumbai Indians vs Kolkata Knight Riders wickets

IPL 7: Vintage Jacques Kallis showed his class for Kolkata Knight Riders against Mumbai Indians

IPL 2014: Onus on Chris Gayle to take Royal Challengers Bangalore all the way

IPL 2014: Capacity crowd at UAE provides glimpse of the T20 league’s huge following

Narendra Modi’s tea-vendor origin influences MS Dhoni in calling laundrymen to clean up BCCI mess

Delhi Daredevils vs Royal Challengers Bangalore IPL 2014 Preview: RCB have advantage over DD sans Kevin Pietersen

Australia BCCI England India IPL IPL 7 IPL 2014 Kolkata Knight Riders Lasith Malinga Moments in history Mumbai Indians Mumbai Indians vs Kolkata Knight Riders Royal Challengers Bangalore Sachin Tendulkar

IPL 2014: High Court stays Delhi government tax demand from Delhi Daredevils

Kumar Sangakkara on Durham’s radar for County Championship

IPL 2014: Delhi Daredevils ropes in RBL Bank as new partner

Rajasthan Royals aim to put spot-fixing controversies behind in IPL 2014 clash against Sunrisers Hyderabad

Sunrisers Hyderabad vs Rajasthan Royals IPL 2014 Preview: Familiar but tweaked line-ups looking for early momentum

Delhi Daredevils’ strong bench filled with talented Indian players could be key to success in IPL 7

IPL 7: Vintage Jacques Kallis showed his class for Kolkata Knight Riders against Mumbai Indians

IPL 2014: Onus on Chris Gayle to take Royal Challengers Bangalore all the way

IPL 2014: Royal Challengers Bangalore’s bowlers have their work cut out against Delhi Daredevils

IPL 2014: Capacity crowd at UAE provides glimpse of the T20 league’s huge following

Fan of the Day

Sudatta Mukherjee

Sudatta Mukherjee

1 Posts | 0 Fans

Mumbai Indians vs Kolkata Knight Riders IPL 2014 Video Highlights

Former Apple CEO John Sculley launches Obi Mobiles smartphone brand in India

Karnataka polls: 26 percent polling till noon

Narendra Modi an `encounter Chief Minister`: Chidambaram

BJP fields highest number of criminals in today’s poll

Alia Bhatt: If Shahrukh Khan and Salman Khan give a bad film, it will still make Rs 150 crore!

Telugu superstar Mahesh Babu supports TDP`s Jayadev

Online medical information – bane or boon for the healthcare system?

Sunrisers Hyderabad vs Rajasthan Royals IPL 2014 Preview: Familiar but tweaked line-ups looking for early momentum

Also on cricketcountry.com