The Bombay High Court-appointed arbitrator Friday stayed the franchise cancellation of the IPLs crisis-hit Deccan Chargers team until October 17,capping a day of dramatic developments hours after the Board of Control for Cricket in India issued the termination notice.
The decision of the arbitrator came after the BCCIs termination notice of September 14 took effect at 5 pm as the owners of the team,Hyderabad-based media group Deccan Chronicle Holdings Limited (DCHL),could not provide a bank guarantee of Rs 100 crore,as ordered by the Bombay High Court on October 1.
DCHL had,earlier in the day,told the Bombay Stock Exchange that its board had been authorised to sell,transfer or dispose of the Deccan Chargers franchise business to Kamla Landmarc Real Estate Holdings Pvt Ltd. While DCHL and the Jitendra Jain-promoted Kamla Landmarc were tightlipped on the size of the deal,sources close to the negotiations said it was about Rs 1,250 crore.
The BCCIs termination notice has been stayed by the arbitrator. The matter has been kept for further hearing on October 17, lawyer Mona Bhide of the law firm Dave and Girish that represents DCHL told The Indian Express. The bank guarantee provision will now be subject to orders passed by the arbitrator when proceedings continue on October 17,she added.
A BCCI official,however,indicated that the board would look for a new franchisee.