Sports News | Arbitrator Awards Rs 4,800 Cr to DCHL in Dispute with BCCI
Get latest articles and stories on Sports at LatestLY. An arbitrator on Friday awarded over Rs 4,800 crore to Deccan Chronicles Holding Ltd (DCHL) in its dispute against the Board of Control for Cricket in India (BCCI) over termination of the company's Indian Premier League (IPL) franchise team, a DCHL lawyer said.
Mumbai, Jul 17 (PTI) An arbitrator on Friday awarded over Rs 4,800 crore to Deccan Chronicles Holding Ltd (DCHL) in its dispute against the Board of Control for Cricket in India (BCCI) over termination of the company's Indian Premier League (IPL) franchise team, a DCHL lawyer said.
The arbitrator held the termination of franchise as illegal, the lawyer added.
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After the BCCI conceptualised IPL T20 tournament in 2008, DCHL was declared successful bidder for franchise Deccan Chargers from Hyderabad, and an agreement was signed between Deccan Chargers and the BCCI for ten years.
But on August 11, 2012, the BCCI issued a show-cause notice for termination of the franchise to DCHL and the termination was confirmed a day before expiry of the 30-day period granted to respond to the notice, the lawyer said.
DCHL then approached the Bombay High Court claiming that the termination was arbitrary. The HC in September 2012 appointed retired Supreme Court Justice C K Thakker as the sole Arbitrator to decide the matter.
"The sole arbitrator on Friday upheld the termination to be illegal and granted damages to the tune of Rs 630 crores and compensation to DCHL to the tune of Rs 4160 crores.
"DCHL has also been granted Rs 36 crore as an admitted amount payable under the Franchise Agreement," said Maneesha Dhir, Managing Partner of Dhir & Dhir Associates, who appeared for DCHL.
BCCI can challenge the arbitrators order before the Bombay High Court.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)