Comments
The Bombay High Court (HC) today appointed a retired Supreme Court judge as arbitrator to resolve within three months the dispute between the Cricket Board and Deccan Chronicles Holdings Ltd (DCHL) over termination of the latter’s IPL franchise Deccan Chargers.
Justice S J Kathawala ordered the appointment of Justice C K Thakkar to mediate after the parties failed to come up with mutually-acceptable names of arbitrators.
The court, however, reserved its order on a plea made by DCHL to stay the BCCI’s decision taken at its emergency IPL Governing Council meeting in Chennai last week to terminate the contract of the cash-strapped Deccan Chargers.
The court further ordered DCHL to give Rs 100 crore bank guarantee to BCCI within ten days after it passes an order on the former’s petition seeking a stay on termination.
The court had yesterday suggested BCCI and DCHL to come out with mutually acceptable names of arbitrators. However, they could not arrive at a consensus on the names, following which the court appointed one of its choices.
Meanwhile, Yes Bank, the financial supporter of DCHL, which had yesterday moved a Chamber Summons seeking to intervene in the matter, told the court today that it wanted to withdraw its plea.
The court expressed its surprise and pulled up the bank for the flip-flop. “This is not proper”, the judge said.
Yes Bank had put forward three conditions to be met while seeking to intervene in the matter—withdrawal of BCCI’s decision to terminate the franchise, deposit whatever amount is due or receivable by Deccan Chargers in their account with Yes Bank and the Cricket Board release Rs 41 crore due to Deccan Chargers.
The bank had said if these conditions were not met, the entire exercise of trying to save the franchise would be futile. “If the franchise does not survive and we do not get the money, then what is the use of giving Deccan Chargers Rs 33 crores to clear its dues?” its counsel said.
The court, however, did not pass any order on Yes Bank’s withdrawal plea today.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.