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Bombay HC has not stayed termination of Deccan Chargers franchise: BCCI

Source : ANI
Last Updated: Sun, Sep 16, 2012 05:50 hrs

The Board of Control for Cricket in India (BCCI) on Sunday said that media reports about the Bombay High Court staying the termination of the Indian Premier League (IPL) team Deccan Chargers is incorrect.

In a statement issued here, Sanjay Jagdale, Secretary, BCCI, said that "the BCCI would like to clarify that the counsels of both sides were present in Court at 10:30 am on Saturday, 15 September 2012. The Court heard both parties, and did not pass any order staying the termination. The matter has been placed for hearing on Monday, 17 September 2012."

Jagdale had on Saturday revealed that the BCCI was compelled to hold an emergency meeting of the IPL Governing Council late on Friday evening to discuss certain developments due to the Deccan Chargers' defaults.

He said that despite the Bombay High Court appointing a court officer to act as Observer at the opening of the tender, which was conducted under the aegis of the BCCI to save the beleaguered franchise, Deccan Chronicle Holdings Ltd rejected the bid that was received in the amount of Rs 450 Crores cash and an equal sum in convertible debentures. This was despite the bidder meeting the eligibility criteria of the BCCI.

He confirmed that the BCCI has received a lawyers notice invoking arbitration from the franchise stating that it had not committed any breaches and even if such breaches were committed, the BCCI should not act to terminate the franchise till Yes Bank Ltd furnishes sufficient finance to cure the breaches.

He said: "By this, Deccan Chronicle Holdings Ltd has clearly admitted its inability to cure itsr breaches within the time stipulated in the BCCI notice despite every bit of assistance from the BCCI. Since the month of May, BCCI has received repeated assurances that the overdue player fees would be paid; all of these promises have been unfulfilled."

Jagdale said that the IPL Governing Council took note of the sudden change of stance by the franchise and also the fact that any further extension of time would seriously prejudice the interests of the players.

Considering the stated position of the Deccan franchise to refuse to rectify the various defaults including payments to players, foreign Boards etc, as also the deleterious effect such conduct would have on the reputation of the IPL and the franchise itself, a decision was taken to forthwith terminate the Deccan Chargers franchise.

Jagdale said that the BCCI is completely justified in taking action after careful deliberation, as it was clearly established that the Deccan Chargers franchise did not have the ability to effectively run the team. (ANI)




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