Delhi: The Supreme Court on Monday ordered three nationalised banks associated with Nimbus Communications and the BCCI to deposit within 15 days the sum of Rs 400 crore after the Indian cricket board had filed an Special Leave Petition (SLP) regarding the scrapping of the broadcast deal with Nimbus citing the non-payment of dues owed for cricket coverage.
The three banks - Punjab National Bank, Indian Bank and Union Bank of India - had refused to pay monies to the tune of Rs 1600 crore under the unconditional Bank Guarantees which forced the BCCI to file summary suits against banks at the Bombay High Court.
The BCCI had scrapped its deal with Nimbus, citing the non-payment of dues owed for the coverage of the India-West Indies, after the company had asked the board for an extension on their payment deadline. The BCCI then also forfeited the bank guarantee amount of Rs 2,000 crore. The board had sought to encash the Bank Guarantees which were in its possession, which was refused by the banks.
The High Court provided the banks leave to defend the suits on a condition that the banks deposit a sum totaling Rs 400 crore with the court. The BCCI the filed an SLP with the Supreme court and a final order was passed directing the three banks to deposit within 15 days the sum of Rs 400 crore to Bombay High Court, who would then remit the money to the bank account
06:35 PM, Apr 15, 2013
On the face of it, this may sound contrived. But fact is, to understand cricket and the skulduggery that now beleaguers the sport all of us Indians love so hopelessly, you ought to understand a bit of how the cement business operates in this country. This, for one simple reason: N Srinivasan " president of the Board of Cricket Control in India (BCCI), head of the Tamil Nadu Cricket Association,...
10:44 AM, Mar 09, 2012
New Delhi: The Board of Control for Cricket in India (BCCI) on Monday terminated a deal with its broadcast partners Nimbus, sources told CNN-IBN. The BCCI will encash the bank guarantee of Rs 2,000 crore, sources confirmed. After Monday's decision, Nimbus, which has been broadcasting India's home series as well as domestic tournaments, is expected to approach the court. Earlier on Monday, the World Series Hockey, a city-based premier hockey...
05:42 PM, Dec 12, 2011
This could just be Indian hockey's chance to break out from the obscurity of the past two decades. Nimbus Sport's partnership with the Indian Hockey Federation (IHF) to launch World Series Hockey (WSH) league is one more attempt to bring back to centre stage a game that has brought India eight Olympic golds and much glory. Thirty-six top players have signed up to play in the league, which is fashioned...
01:49 PM, Jan 21, 2011
Nimbus has threatened to pull out of a multi-million dollar contract with the BCCI on the issue of encryption of feed. ...
06:52 PM, Mar 06, 2007
The I&B Ministry has come down heavily on Neo Sports' ads during the recently concluded India-West Indies series. ...
06:07 PM, Feb 16, 2007
The Government sent a show cause notice to Nimbus over the telecast of the India, Sri Lanka one-day matches. ...
04:56 PM, Feb 14, 2007
Prasar Bharti on Friday served a notice to Nimbus Communications for giving it a delayed feed of a cricket match. ...
07:31 PM, Feb 09, 2007
Nimbus has again refused to share live telecast of the India-Sri Lanka cricket match with Doordarshan. ...
10:46 PM, Feb 08, 2007
The court also ordered DD not to sell the feed to private DTH operators like TataSky and DishTV. ...
03:49 PM, Jan 24, 2007
This means that fans not having cable connection can watch the rest of the India-West Indies ODI series. ...
01:24 PM, Jan 23, 2007
Talks between Prasar Bharati and Nimbus over telecast of the ongoing India-West Indies One-Day series have failed. ...
09:12 AM, Jan 23, 2007
Delhi High Court will decide whether cricket fans get to watch the India West Indies cricket series on DD or not. ...
07:59 AM, Jan 23, 2007
Dasmunsi said government will make sure that Indian cricket fans are not deprived of action during the World Cup. ...
09:15 PM, Jan 22, 2007
Nimbus and Prasar Bharati failed to come to an agreement over the telecast of the ongoing India-West Indies series. ...
09:11 PM, Jan 22, 2007
