Deccan buys time in court with promise of bank guarantees

In the ongoing tussle between Deccan Chargers and the BCCI, the Deccan Group has been given a slight breather after Deccan Chronicle (DC) agreed to furnish the necessary bank guarantees. But Deccan Chargers is still not out of the woods, reports CNBC-TV18's Ashmit Kumar.

Deccan Chargers has agreed to furnish bank guarantees to the extent of Rs 100 crore and the Bombay High Court has given them a deadline of 10 days to furnish these guarantees.
This effectively it satisfies the BCCI's doubts with respect to the group's financial stability and if Deccan Chargers fails to comply with its financial commitments, the BCCI will have full right to invoke these bank guarantees to that extent.
The Bombay High Court has clearly appointed retired Supreme Court judge CK Thakkar as the arbitrator as the Deccan Chronicle and the BCCI  enter arbitration. The court has set a deadline of three days for the arbitrator to resolve this matter.
This does not allow the BCCI to act upon the notice of termination that was served upon Deccan Chargers and that is the reason why this move is being read as a reprieve for Deccan Chargers.
There are no clear restrictions on Deccan Chargers with respect to being able to buy or sell players for IPL Season 6, though it will be under the overall supervision of the arbitrator.