Deccan Chronicle Holding Limiteds last-ditch attempt to save its IPL team Deccan Chargers failed before the Supreme Court on Friday. The court refused to stay termination of the team by the BCCI. This cleared the way for filling Deccans slot through a fresh auction to be completed by October 25. We are not inclined to extend the time limit for furnishing the requisite bank guarantee to the BCCI by the petitioner, said a Bench led by Chief Justice Altamas Kabir. The Bench dismissed the DCHL prayer to give them time till Monday to furnish a Rs 100-crore bank guarantee to the BCCI and put the termination notice in abeyance till then.
Appearing for DHCL,senior advocate Mukul Rohatgi admitted that they had missed the earlier deadlines to furnish the guarantee but they now had a guarantee of the ICICI bank which they could submit by Monday. He said that it was a fit case where DCHL should be granted a final time extension and that its earlier failure should not result in termination.
His contentions were countered by senior advocate CA Sundaram,who appeared for the BCCI,who said that there were serious financial issues relating to DCHL. Not only have they failed to give us the bank guarantee,they have also failed to pay their players or suppliers and they are heavily indebted. We cannot be forced to continue with such a franchise, said the BCCI counsel,who also said that the HC order had now attained finality.
The court clarified that its order will not affect the arbitration proceedings between the Deccan Chargers and the BCCI.