Mumbai, Dec 15: The Bombay High court today refused to overturn Nimbus' termination by BCCI over broadcasting rights.
The court also directed the fact that the Banks have refused to pay guarantee and they must give three working days notice to all parties.
Nimbus Communications had rushed to Bombay high court for relief after Board of Control of Cricket in India (BCCI) scrapped the broadcast deal two days ago.
Nimbus, which renewed its contract with the Board in 2009-10 is lagging behind on payments, BCCI had decided to forfeit a bank guarantee worth Rs. 2000cr.
Nimbus reportedly had asked the BCCI for a grace period of 45 days for the remaining payments.