• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Realasset Realasset
moneycontrol.com

Home » News » Business

Oct 13, 2012, 05.52 PM | Source: PTI

Debt-ridden Deccan Chargers termination stands

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.

Like this story, share it with millions of investors on M3

Debt-ridden Deccan Chargers termination stands

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.

Post Your Comments

Share Cancel

Debt-ridden Deccan Chargers termination stands
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 HonÂ’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 ` 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.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Debt-ridden Deccan Chargers termination stands

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login