Mumbai, Dec 15: Nimbus Communications has rushed to Bombay high court for relief after Board of Control of Cricket in India (BCCI) scrapped the broadcast deal two days ago. Justice S J Vazifdar will hear Nimbus' application on Thursday.
Nimbus has been BCCI's broadcast partner for five years now since it first signed a four-year deal in 2005-06 and renewed the contract in 2009-10 after being offered first right of refusal. The current contract was supposed to be for four years upto 2013.
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.
The board, however, has been unable to encash the bank guarantee because it is learnt that banks have refused to pay the amount citing valuation problems.
"Nimbus is working towards achieving full resolution of any differences that may have arisen between the parties and is hopeful of a reasoned conclusion of these in the coming weeks," the statement added.
Nimbus has been waiting to negotiate certain aspects of their payment to BCCI and had no intention, whatsoever, to default.