Cash strapped Indian Premier League franchise Deccan Chargers got a 10 days lifeline as the Bombay High Court has directed them to furnish a bank guarantee of 100 crores to BCCI within 10 days.
According to a report in the Times of India BCCI advocate Viraj Maniar said that the bank guarantee has to be furnished within ten days now and if it is not done then their termination notice stands confirmed as ordered by Justice SJ Kathawala.
The termination notice against the franchise for "irremedial breaches" including failure to pay salaries of players was the main challenge in the court. DC had rushed to the Bombay high court seeking a stay.
The court had placed the matter on status quo and has reserved its orders.
The report further adds that a day after Yes Bank sought to intervene in the dipute, it now sought to withdrew its petition The court has yet to pass formal orders on the plea to withdraw but the judge remarked to the bank's counsel Milind Sathe in jest, "you must have arm twisted Deccan Chargers last evening." Then he added, "this is not proper".
Meanwhile Hindustan Times says that the Bombay High Court on Wednesday appointed retired Supreme Court judge, Justice CK Thakkar as an arbitrator for deciding the dispute between Deccan Chronicle Holdings Limited (DCHL), owners of Indian Premier League (IPL) team Deccan Chargers, and the Board of Control for Cricket in India (BCCI).
Justice SJ Kathawalla appointed Justice Thakkar after finding both the IPL team owner company and the cricket controlling body were not able to arrive at a mutually acceptable name. Acting on an arbitration petition filed by DCHL, the judge also requested the arbitrator to try to conclude the arbitral proceedings within three months.