Bombay High Court (HC) asked Board of Control for Cricket in India (BCCI) and owners of IPL franchisee Deccan Chargers on Monday to consider appointing an arbitrator to resolve their ongoing legal dispute.
Responding to the suggestion of Justice S J Kathawalla,counsel for both sides said they would consult their clients on the issue. HC then posted the matter for further hearing on Tuesday.
BCCI had terminated its contract with Deccan Chronicle Holdings Limited (DCHL),which owns Deccan Chargers,after an emergency meeting in Chennai on September 14. Terming the BCCI decision illegal and bad in law,DCHL then approached HC.
DCHL told the court on Monday it was now in a stable financial condition and would gain from participation of Deccan Chargers in the coming edition of IPL. It claimed guarantees from 10 banks,including ICICI Bank.
This was after Rafiq Dada,counsel for BCCI,questioned DCHL capacity to generate the Rs 150 crore required to ensure participation of Chargers in IPL 6.