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)

Hong Kong tour of Sri Lanka, 2014

Nov 22, 2014 (10:00 IST)   at Dambulla

South Africa tour of Australia, 2014

Nov 23, 2014 (08:50 IST)   at Sydney

Zimbabwe tour of Bangladesh, 2014

Nov 23, 2014 (12:00 IST)   at Chittagong

India tour of Australia 2014, Practice matches

Nov 24, 2014 (05:29 IST)   at Glenelg, Adelaide

Pakistan vs New Zealand in UAE, 2014

Nov 26, 2014 (11:30 IST)   at Sharjah

More

Hong Kong tour of Sri Lanka, 2014

Nov 21, 2014  at Dambulla

Match abandoned without a ball being bowled

Zimbabwe tour of Bangladesh, 2014

Nov 21, 2014  at Chittagong

Bangladesh won by 87 runs

South Africa tour of Australia, 2014

Nov 21, 2014  at Melbourne

Australia won by 3 wkts

Hong Kong tour of Sri Lanka, 2014

Nov 20, 2014  at Dambulla

Match abandoned without a ball being bowled(Match rescheduled to 21/11/2014)

Hong Kong tour of Sri Lanka, 2014

Nov 19, 2014  at Dambulla

Match abandoned without a ball being bowled

Photos

Australia vs South Africa, 3rd ODI at Canberra

Videos

SL vs Eng: Buttler practices wicketkeeping in nets

PCB’s biggest challenge is to bring back international cricket to Pakistan: Subhan Ahmad

Tim Southee’s 50 Test sixes and related records

India vs Australia 2014: India may have heavy dose of pace in store in 1st Test

Ross Taylor’s crucial knock will boost New Zealand’s sub-par subcontinent record

Stuart Binny — can the all-rounder be a trump card for India in ODIs?

Australia Australia vs South Africa Australia vs South Africa 2014 BCCI India New Zealand New Zealand tour of UAE 2014 New Zealand vs Pakistan New Zealand vs Pakistan 2014 Pakistan Pakistan vs New Zealand Pakistan vs New Zealand 2014 South Africa South Africa tour of Australia 2014 South Africa vs Australia South Africa vs Australia 2014

Pakistan vs New Zealand 2014: Brendon McCullum happy with his team’s performance

IPL to face ‘disastrous consequences’ if Supreme Court takes action against India Cements

Dilip Vengsarkar receives Col CK Nayudu Lifetime Achievement Award

India tour of Australia 2014: George Bailey backs Brad Haddin for captaincy; refuses to rule Michael Clarke out

India’s tour to Australia will help them ahead of ICC World Cup 2015: VVS Laxman

Pakistan vs New Zealand 2014: Highest chases against New Zealand in Test matches

Pakistan vs New Zealand 2014: Pakistan’s biggest fourth innings chases

PCB’s biggest challenge is to bring back international cricket to Pakistan: Subhan Ahmad

Tim Southee’s 50 Test sixes and related records

India vs Australia 2014: India may have heavy dose of pace in store in 1st Test

Fan of the Day

Niharika Shah

Niharika Shah

681 Posts | 6 Fans

Video Highlights: Virat Kohli vs Australian cricketers

Yahoo now lets professional photographers sell their photos online through ‘Flickr Wall Art’

Dilip Vengsarkar receives Col CK Nayudu Lifetime Achievement Award

NGOs pursue education for all

8 reasons to add rosemary to your diet

ISL 2014 Table & Results: Points Table and Team Standings of Hero Indian Super League Football Tournament

Bigg Boss 8 day 61 recap: Dimpy instigates BB8 members against Ali Quli Mirza

Pyaar Tune Kya Kiya 3: Are Ricky and Sonal ready to marry each other?

Confirmed: Shahid Kapoor to star in Magadheera remake!

How many calories do bananas have?

International programme in Animal Husbandry

Also on cricketcountry.com

Play Fantasy Cricket & Win

Cash Daily! Click here