Chargers asked to settle Rs 100 Cr within 10 days

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Published: Thursday, September 27, 2012, 13:25 [IST]
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Court grants DC a 10-day lifeline

Mumbai, Sep 27: Deccan Chargers heaved a sigh of relief as they got a 10-day lifeline following Bombay High Court's decision on Wednesday.

Deccan Chargers need to furnish a bank guarantee of Rs. 100 crore in the next 10 days, if they are unable to pay the amount to the BCCI, it might lead to IPL termination.

It is learnt that Deccan Chronicle Holdings Limited had agreed to pay a bank guarantee of Rs 100 Crore.

Justice SJ Kathawala, also said that if the franchise fails to furnish the amount mentioned by the High Court, the team will be terminated from IPL.

A day after 'Yes Bank' said it would intervene in the dispute, withdrew its petition on Wednesday as Deccan Chargers were given a 10-day lifeline to pay the unconditional bank guarantee.

The court also said that after Deccan Chargers transfer the amount to the BCCI, to pay the overseas players, the demand drafts issued earlier can be returned to the franchise.

Accordingly, the case has been sent to CK Thakkar, arbitrator appointed by the court, and has been instructed to start the proceedings soon and should be completed within three months.


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