Mumbai: Can the Deccan Chargers IPL franchise manage to stay on as part of the Indian Premier League? Well the franchise has been given another lifeline after the Bombay High Court's fresh decision on Wednesday.
In what is a bit of a relief for the Deccan Chargers IPL franchise, the Bombay High Court has given them 10 days to furnish a bank guarantee to the BCCI to stay alive.
The Chargers will have to furnish a guarantee of Rs 100 Crore in the alloted 10 days, failing which their IPL termination will be carried out.
The Deccan Chronicle Holdings Limited has agreed to pay the unconditional Bank guarantee. The case has now been sent to court appointed arbitrator CK Thakkar. The arbitration proceedings have to be completed within 3 months.