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MUMBAI:
The Bombay High Court has suggested that the BCCI settle its
dispute with financially distressed Deccan Chronicle Holdings
Limited, the owner of IPL franchise Deccan Chargers, through
arbitration by appointing a mutually acceptable arbitrator.
The
counsels of both the parties told the high court that they
would seek instructions from their respective clients and
place the name of their choice of arbitrators before the court.
In case, the two parties fail to arrive at a consensus, the
court may appoint an arbitrator to resolve the issue.
The
high court had earlier directed BCCI to maintain status quo
and not to invite bids for a new franchise to replace Deccan
Chargers in the Indian Premier League (IPL).
The
court also deferred DCHL's petition challenging BCCI's decision
to terminate the franchise till Tuesday. The BCCI had terminated
Deccan Chargers' contract after the franchise rejected the
lone bid to acquire the team.
The
BCCI argued that the franchise has not paid the players and
it has over Rs 40 billion debt from over 20 banks and financial
institutions. This would hamper the franchise's ability to
run the team, which requires an investment of around Rs 1.5
billion every year, the BCCI said.
BCCI
was also concerned about Deccan Chargers' ability to renew
contracts of players when it has failed to clear the dues
of existing players.
Deccan
Chronicle counsel Zal Andhyarajunam assured that the financially
distressed company would meet its obligations. He also alleged
that the BCCI terminated its franchise agreement abruptly
without giving them proper representation to present their
views.
He
said that the media company doesn't have any debt to pay immediately.
The DCHL counsel said installments are due in October, November
and December.
The
hearing will continue tomorrow when both the parties are expected
to suggest names for appointment as an arbitrator.
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