Home > News >

HC refuses time to Deccan Chargers’ owners for bank guarantee to BCCI

HC refuses to give time to DCHL for bank guarantee to BCCI

Deccan Chargers Holdings Limited sold its IPL franchise Deccan Chargers to Kamla Landmarc on Friday © AFP

 

Mumbai: Oct 12, 2012

 

The Mumbai High Court on Friday refused to grant further time to Deccan Chronicles Holdings Ltd to give an irrevocable and unconditional bank guarantee of Rs 100 crore to BCCI regarding IPL franchise Deccan Chargers.

 

DCHL urged Justice S J Kathawala to grant them time till October 15 to furnish the bank guarantee but the court refused saying the earlier deadline had been extended by three days to accommodate them and further time cannot be given.

 

Meanwhile, the deadline for DCHL to furnish the bank guarantee ended today. If DCHL does not give bank guarantee by 5 PM this evening, BCCI would be free to take action, if it so desires, on its earlier decision to terminate the IPL contract of the cash-strapped Hyderabad franchise.

 

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

 

Board of Control for Cricket in India had in September taken the decision to terminate the contract after an emergency IPL Governing Council meeting in Chennai.

 

The court had earlier ordered that DCHL shall bear all expenses for IPL series-6 including making payments to BCCI towards franchise, players and support team costs. Besides, DCHL shall also bear the costs of conducting matches and other expenses, the judge had ruled.

 

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 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.

 

However, pending arbitration proceedings and making up of an award by the arbitrator, the judge asked the BCCI not to act on the termination of the franchise agreement for a period of seven days, if the award is in their favour.

 

The judge clarified that this order would immediately cease to be in effect if DCHL fails to furnish the bank guarantee. (PTI)

South Africa tour of Sri Lanka, 2014

Jul 24, 2014 (10:00 IST)   at Colombo

India tour of England 2014

Jul 27, 2014 (15:30 IST)   at Southampton

Pakistan tour of Sri Lanka, 2014

Aug 6, 2014 (10:00 IST)   at Galle

India tour of England 2014

Aug 7, 2014 (15:30 IST)   at Manchester

South Africa in Zimbabwe, 2014

Aug 9, 2014 (13:30 IST)   at Harare

More

Afghanistan tour of Zimbabwe, 2014

Jul 24, 2014  at Bulawayo

Afghanistan won by 100 runs

Afghanistan tour of Zimbabwe, 2014

Jul 22, 2014  at Bulawayo

Afghanistan won by 2 wkts

Afghanistan tour of Zimbabwe, 2014

Jul 20, 2014  at Bulawayo

Zimbabwe won by 8 wkts

Afghanistan tour of Zimbabwe, 2014

Jul 18, 2014  at Bulawayo

Zimbabwe won by 6 wkts

India tour of England 2014

Jul 17, 2014  at London

India won by 95 runs

Photos

India, England training session for 3rd Test

Videos

Gary Ballance looks ahead to third Test

MS Dhoni will be crucial in 3rd Test against England at Southampton

Virat Kohli has shown he learns from his mistakes; matter of time before he gets back to form

India vs England 2014, 3rd Test at Southampton: Should Gautam Gambhir play ahead of Shikhar Dhawan?

5 things you need to know about Gulabrai Ramchand

India vs England 2014 3rd Test at Southampton: Statistical analysis of The Ageas Bowl

England England vs India England vs India 2014 India India tour of England 2014 India vs England India vs England 2014 South Africa South Africa tour of Sri Lanka 2014 South Africa vs Sri Lanka South Africa vs Sri Lanka 2014 Sri Lanka Sri Lanka vs South Africa Sri Lanka vs South Africa 2014

Sachin Tendulkar shows support for Pro-Kabaddi league

India vs England 3rd Test at Southampton: Crucial to strike the right balance, says MS Dhoni

India vs England 3rd Test at Southampton: Can repeat what we did in India in 2012, says Alastair Cook

Sourav Ganguly’s decision to enter cricket administration lauded by Gundappa Viswanath

India vs England 3rd Test at Southampton: Gundappa Viswanath believes specialist spinner should be included

India vs England, 3rd Test at Southampton — India will look to sustain the high at Lord’s

India vs England 3rd Test at Southampton: Can Jos Buttler make successful transition to Test Cricket?

Luke Wright becomes fifth batsman to smash 150 runs in T20s: A statistical overview

MS Dhoni will be crucial in 3rd Test against England at Southampton

Virat Kohli has shown he learns from his mistakes; matter of time before he gets back to form

Fan of the Day

Fan Cricket

Fan Cricket

11 Posts | 2 Fans

Brazil vs Netherlands, 3rd place Fifa World Cup 2014 match Video Highlights

Apple reportedly acquires book recommendation service BookLamp

India vs England, 3rd Test at Southampton — India will look to sustain the high at Lord’s

Sachin Tendulkar shows support for Pro-Kabaddi league

Saharanpur riots: Rajnath Singh speaks to Akhilesh Yadav about measures taken by UP government

Panasonic to launch Eluga smartphones in India on July 30

Kareena Kapoor Khan: I am very happy for Soha Ali Khan and Kunal Kemmu

Kareena Kapoor Khan: I can’t romance Varun Dhawan!

Apurvi Chandela wins gold: 5 things you need to know about the young rifle ace

Also on cricketcountry.com

Play Fantasy Cricket & Win

Cash Daily! Click here