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MUMBAI:
The last word on the BCCI-Deccan Chargers has not been said
yet as the Bombay High Court Wednesday reserved its order
till tomorrow on an appeal filed by the Board of Control for
Cricket in India (BCCI).
The
BCCI had approached Bombay HC challenging the 'status quo'
order passed by an arbitrator in its dispute with financially
distressed Deccan Chronicle Holdings Limited (DCHL). The hearing
on the issue was today.
Retired
Supreme Court Judge C K Thakkar, who was last month appointed
as the arbitrator, had last week passed an order directing
BCCI not to go ahead with its termination of Deccan Chargers
following which the BCCI challenged the order in High Court
and secured a stay.
Earlier
Deccan Chargers had faced termination from the IPL following
DCHL’s inability to furnish irrevocable and unconditional
bank guarantee of Rs 1 billion by 12 October.
Backed
by its lenders, DCHL said that it was ready to furnish bank
guarantee as directed by the court on 1 October. DCHL lenders
have also filed a plea seeking interim relief against the
termination of the franchise.
The
Court had on 12 October refused to grant more time to DCHL
to furnish bank guarantee after the company failed to meet
the deadline for furnishing bank guarantee contending.
The
Court had said that the BCCI's termination notice would stand
if DCHL fails to furnish bank guarantee. The interim relief
provided by the arbitrator also proved short lived as the
court stayed the status quo order passed by the arbitrator
extending deadline for submitting bank guarantee.
With
termination notice standing, the DCHL's attempt to sell the
franchise to Mumbai-based real estate firm Kamla Landmarc
proved a non-starter. Kamla Landmarc is believed to have committed
Rs 12.5 billion for acquiring the franchise.
The
DCHL plea comes on a day when IPL Governing Council is meeting
in Mumbai to discuss the termination of Deccan Chargers and
the fate of the players since 31 October is the deadline for
resigning players.
Earlier,
the BCCI had floated tenders for a new franchise after terminating
Deccan Chargers.
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