MUMBAI: In a major relief to the BCCI, the Bombay High Court on Wednesday set aside an arbitration award directing the Indian cricket board to pay over Rs 48 billion to Deccan Chronicle Holdings Ltd (DCHL), holding company of the now defunct Deccan Chargers Indian Premier League franchise, over the allegedly illegal termination of the team from the IPL in 2012.
Justice Gautam Patel set aside the July 2020 order of the Bombay High Court-appointed arbitration tribunal that had found the 2012 termination of the Deccan Chargers to be illegal and awarded DCHL over Rs 48 billion in compensation. It bears noting that DCHL had reportedly claimed damages totalling Rs 60.46 billion plus interest and charges at the time the case went to arbitration.
While reacting to the development back in July 2020, a BCCI official had made it clear to ANI that an appeal was on the cards as the board strongly believed it had a very good case.
A notice terminating the franchise agreement with DHCL was reportedly served in September 2012 by BCCI on DHCL. Whereas the termination was stayed by the Bombay High Court, the stay was vacated in October that year after DHCL failed to submit a bank guarantee of Rs 1 billion, reported Hindustan Times.
The arbitration proceedings were initiated thereafter by DHCL, for which the High Court appointed retired Supreme Court justice CK Thakkar as the sole arbitrator. His award directing BCCI to pay over Rs 48 billion to DHCL has now been set aside by the High Court.
