Bombay HC sets aside arbitration award asking BCCI to pay Rs 4,800 crore to DHCL

The Bombay High Court bench of Justice G S Patel has ruled a case in favour of the Board of Control for Cricket in India (BCCI) which was regarding a dispute for termination of Deccan Chargers, a former IPL team.

Earlier, an arbitrator’s order had directed the BCCI to pay over Rs 4800 crore to Deccan Chronicle Holding Ltd (DHCL), which owned the Deccan Chargers team in the cash-rich league.

However, the Indian cricket board had challenged the verdict, which was issued in July last year, asking it to pay INR 4800 crore.

In 2008, when the cash-rich league was conceptualized, an agreement was signed between Deccan Chargers and the BCCI for ten years. Later, the Indian cricket board terminated the franchise in September 2012 for breaching the BCCI code.

Later, DCHL tried to auction the franchise but rejected the sole bid it received from PVP Ventures following which the BCCI terminated the contract and put all its players into the auction pool.

Significantly, the BCCI is involved in a similar arbitration case with the now-defunct Kochi Tuskers Kerala.

News Desk

Read Previous

Coca-Cola shares fall after Ronaldo’s act

Read Next

Seven top Aussie cricketers pull out of Windies, Bangladesh tours