July 13, 2021 10:33:27 am
Board of Control for Cricket in India (BCCI) president Sourav Ganguly has approached the Bombay High Court seeking that the 2018 order of an arbitration tribunal that awarded him compensation of over Rs. 35 crore payable by his former management companies, Percept Talent Management Ltd and Percept D Mark (India) Ltd, be enforced.
The former Team India captain has sought that the two companies be directed to disclose their assets. The companies told the court that they will do so by July 20.
A single-judge bench of Justice Anil K Menon was hearing the plea.
Advocate Shardul Singh representing respondent companies on instructions submitted that the company will disclose the assets by July 20 ‘save and except for payment of audit fees and statutory fees payable to Registrar of Companies,’ which will not exceed Rs. 15000 and that no other amounts will be utilised by the respondents.
Ganguly, through senior advocate Birendra Saraf, had submitted that the total money to be paid by two companies to him was more than Rs. 35 crore, including Rs. 14. 4991 crore original compensation with interest at the rate of 12% per annum from November 21, 2007 till the date of realization of the amount. Ganguly, in his application, submitted that the directors of the companies have ‘systematically’ siphoned off monies from their accounts to other firms.
The arbitration between the parties, arose out of ‘Player Representation Agreement,’ through which the respondent companies were to perform duties of ‘exclusive manager’ for Ganguly. After the dispute, the agreement was terminated and Ganguly had invoked the arbitration clause in the deal.
As the assets of the companies were not within the purview of the Calcutta High Court, Ganguly withdrew the execution application filed there and the fresh plea was filed before Bombay HC seeking realisation of the balance portion of total compensation.
After hearing submissions, Justice Menon ordered the directors of the respondent companies to file an affidavit of disclosure of assets and allowed them to disburse amounts only pertaining to auditors and statutory fees.
“The Directors concerned will have to obtain all necessary instructions from the Finance Department so that the affidavits-of-disclosure is complete in all respects, without any shortfall. All supporting documents shall be offered for inspection on or before July 20. The inspection shall be granted on July 23, without fail,” the bench noted in the order.
Directing the respondent companies to keep ready the original documents pertaining to disclosure to produce the same in court, HC posted the further hearing to July 26.
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