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Oct 13, 2012, 05.52 PM IST
After a month long legal battle, the cash-strapped Deccan Chargers today 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 Honble 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 ` 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.
Tags: Deccan Chargers
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