IPL: Deccan Chargers terminated from IPL after failing to give Bank Guarantee
New Delhi: Cash-strapped Deccan Chronicles Holdings Ltd (DCHL) on Friday failed to give Rs 100 crore Bank Guarantee to BCCI as directed by the Bombay High Court after which the BCCI is free to take action on its earlier decision to terminate its IPL franchise Deccan Chargers.
DCHL sought an extension to Friday's deadline until October 15 to submit an "irrevocable and unconditional" Bank Guarantee but the High Court refused to grant further time.
Justice S J Kathawala declined to give them more time, saying the earlier deadline of October 9 had been extended by three days to accommodate them.
Meanwhile, the BCCI, as per high court order, is free to take action, if it so desires, on its earlier decision to terminate the IPL contract of the Hyderabad franchise.
The court had on October 1 asked DCHL to give the bank guarantee which would be in force for a period of one year.
Board of Control for Cricket in India had in September taken the decision to terminate the contract after an emergency IPL Governing Council meeting in Chennai. The DCHL had moved the Bombay High Court challenging the termination.
The court had at an earlier hearing ordered DCHL to bear all expenses for IPL 6 including making payments to BCCI towards franchise, players and support team costs. Besides, it was asked to bear the costs of conducting matches and other expenses.
In the event of any default on part of DCHL, BCCI shall be entitled to invoke the bank guarantee to the extent necessary, Justice Kathawala had said.
The court had on September 26 appointed retired Supreme Court judge C K Thakkar as arbitrator to resolve within three months the dispute between BCCI and DCHL over the termination of Deccan Chargers franchise.
More from India
More from World
More from Sports
More from Entertaiment
- Heat ave continues in India, death toll climbs to over 1,400
- Megastar Amitabh Bachchan slapped with Rs 1 crore notice
- Kenyan lawyer offers to marry Barack Obama's daughter Malia
- Maggi likely to face ban in India!
- Salman Khan accident files burnt in Mantralaya fire
- AIB: The 'Third Gender's right to dignity'
- TERI panel finds RK Pachauri guilty in sexual harassment case
- Rajasthan: High Court raps Chief Secy, DGP for failing to end Gujjar agitation
- Erstwhile Mysuru kingdom gets new king
- Priyanka, Ranveer talk about their film 'Dil Dhadakne Do'
- Meet 92-year-old Phyllis Sues who dances toTango
- Former Bihar CM Jitan Ram Manjhi meets PM Modi
- DNA: Govt claims no power shortage, but India looms in darkness
- Aapke Sitare: Astro prediction for May 28, 2015
- DNA: Pentagon report says Beijing accelerates land reclamation in South China Sea
- CBSE Class 10 (Class X Board) Result 2015 on cbse.nic.in, cbseresults.nic.in at 2 pm
- GUJCET Results 2015 declared on gseb.org
- Check cbseresults.nic.in, cbse.in for CBSE Class 10 X Board Result at 2 pm
- Rahul Gandhi takes another dig at NDA govt, says Manmohan gave lessons on economy to PM Modi
- Centre moves SC against Delhi HC order on LG's powers; hearing on Friday
- Gujjar agitation: Centre sending additional forces to vacate rail tracks, say sources
- WBCHSE (wbchse.nic.in & wbresults.nic.in): West Bengal Class 12th Result to be declared on May 29
- Log on to cbseresults.nic.in, cbse.nic.in at 2 pm for Class 10th Result 2015
- Gujarat Board Results 2015: Gujarat Board HSC class 12th science results to be declared today at 9 AM on gseb.org
- Former Bihar CM Jitan Ram Manjhi meets PM Modi, triggers tie-up speculation
- CBSE (cbseresults.nic.in, cbse.nic.in) Class 10th (X Board) Result 2015 declared
- Delhi HC backs LG, turns down plea challenging Jung's authority
- CBSE Board Results 2015: Class 10 Results to be declared on May 28 on cbse.nic.in
- Heatwave toll in Andhra Pradesh reaches 1,490
- Maggi noodles likely to face ban in India, FSSAI orders sample examination