The Bombay High Court has asked Deccan to deposit a bank guarantee of Rs 100 crore in ten days, failing which the termination will stand.
In a new twist to the BCCI-Deccan Chargers saga, the IPL-terminated franchise has been asked to deposit a bank guarantee of Rs 100 crore to the Bombay High Court in ten days, failing which the termination will stand.
The court has appointed arbitrator CK Thakkar to oversee the matter.
The court had asked Deccan to submit demand drafts for the players' payments which have been pending since the completion of IPL 5. The BCCI is expected to return the demand drafts once the franchise submit the required amount.
Earlier, the court had granted status quo regarding the termination of Deccan's IPL franchise by the BCCI which had filed an affidavit listing a series of breaches committed by the franchise. It argued that the players had not been paid and said that around 20 banks are creditors of Deccan with dues to the tune of Rs 4000 crore pending against the group.
Deccan’s contract was terminated by the BCCI on the grounds of several management woes that came into light with the Hyderabad-based unit, following which the board announced an auction for a new city franchise.
After struggling on the field for two seasons, Deccan have been blighted by management woes after it was revealed that several players had not been paid their salary dues due to the financial trouble of the franchise’s present owners, the media company Deccan Chronicle Holdings (DCH).