Deccan Chargers to pay bank guarantee of Rs 100 crore to BCCI: High Court

Updated: 01 October 2012 16:29 IST

The Bombay High Court has ordered Deccan Chronicles Holding Limited to furnish the bank guarantee of Rs 100 crores, on Monday.

Deccan Chargers to pay bank guarantee of Rs 100 crore to BCCI: High Court

Mumbai:

The Bombay High Court has ordered Deccan Chronicles Holding Limited (DCHL) to give a bank guarantee of Rs 100 crores to the Board of Control for Cricket in India, on Monday. DCHL will need to make the wire transfers by October 3 (Wednesday).

The court also issued a directive that DCHL will have to bear the cost of the team - Deccan Chargers - in the sixth season of the Indian Premier League. Any insolvency on the part of the franchise owners, according to the same set of decisions made, will lead to the termination of the side by BCCI.

BCCI's outstanding dues to DCHL on the other hand, amounting to Rs 15 crores, will have to be submitted to the court and the Board will float tenders for a tenth team at later date.

The decisions were taken after the court had earlier appointed retired Supreme Court CJ Thakkar as the arbitrator to find a solution to the issues between DCHL and the Board of Control for Cricket in India.

The court had also asked both parties to sort the matter within ten days, on Wednesday last.

The Indian Premier League team Deccan Chargers had been terminated by BCCI in an emergency meeting but DCHL had challenged the decision by taking the matter to the high court. The players' contracts come up for renewal on October 31.

Topics : Cricket Deccan Chargers Board of Control for Cricket in India
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