Press Esc to close
Saturday 02 August 2014
News updated at 1:43 PM IST
Weather
Max: 27.4°C
Min : 20.5°C
In Bangalore
Generally cloudy

Deccan Chargers out of IPL

Mumbai, Oct 12, 2012, DHNS:

Court refuses extension of stay on termination

Deccan Chargers file photo

Deccan Chargers may not feature in the next Indian Premier League (IPL) cricket season as the team franchise holder, Deccan Chronicle Holding Limited (DCHL), on Friday lost a month-long battle against a Board of Control for Cricket in India (BCCI) decision to terminate its licence.   

The Bombay High Court on Friday morning declined to grant the debt-ridden DHCL anymore extension of a deadline to furnish a Rs 100-crore bank guarantee to the BCCI to make Chargers eligible to play in the next IPL season. The deadline, already extended by the court three days ago, ended at 5 pm.

Hours before the deadline expired, the DHCL, a listed company, made an unexpected
move when it informed the Bombay Stock Exchange that it had decided to sell the Chargers franchise to a Mumbai-based real estate firm Kamla Landmarc Real Estate Holdings.


In their posting on the BSE website, the DCHL said: “Pursuant to its meeting of the board of directors (of DHCL) held on October 11, it was resolved to authorise the board of directors to sell, transfer or dispose of the Deccan Chargers Franchise business undertaking, business division of the company to Kamla Landmarc Real Estate Holdings Private Limited.”

However, neither the DHCL nor Kamla Landmarc representatives were available to offer any more details on the deal, including the amount involved. It is not clear if the deal would survive BCCI scrutiny. Apparently, BCCI’s prior approval is necessary to sell the franchise, which it secured from the country’s top cricket body for Rs 428 crore in 2008.

The DHCL, under the BCCI aegis, had floated a tender early last month, inviting bids to sell off the franchise to service its accumulated debt of over Rs 4,000 crore. However, the DCHL rejected the sole winning bid by a Hyderabad-based company, PVP Ventures, which offered to buy the franchise for Rs 450 crore in cash and an equal amount in convertible debentures. With DHCL also unable to furnish the bank guarantee, the BCCI announced termination of the franchise on September 15.

The DHCL approached the court, seeking a stay on the BCCI decision. The company also appealed for arbitration.

Go to Top

Photo Gallery
A view of a flooded locality in Amritsar on Friday after heavy rains. PTI Photo

A view of a flooded locality in Amritsar on Friday after heavy rains. PTI Photo

School children run with the Indian flags in a paddy field ahead of Independence Day at Parui...

School children run with the Indian flags in a paddy field ahead of Independence Day at Parui...

Ayonika Paul displaying her CWG 2014 silver medal along with her parents in Navi Mumbai on ...

Ayonika Paul displaying her CWG 2014 silver medal along with her parents in Navi Mumbai on ...

Theyyam artists perform ‘Maari Theyyam’ during Karkidakam, one of the Malayalam months at ...

Theyyam artists perform ‘Maari Theyyam’ during Karkidakam, one of the Malayalam months at ...

A devotee pours milk on a snake as an offering during the annual Nag Panchami festival, dedicated...

A devotee pours milk on a snake as an offering during the annual Nag Panchami festival, dedicated...

Naga tribesman perform a dance during Tsungremmong festival of the Ao Naga at Diphupar in Dimapur...

Naga tribesman perform a dance during Tsungremmong festival of the Ao Naga at Diphupar in Dimapur...

Landslide survivor Pramila Lende holds her son Rudra who was injured in the same landslide, at a...

Landslide survivor Pramila Lende holds her son Rudra who was injured in the same landslide, at a...

Indian and Scotland players vie for the ball in the Hockey 5th/6th classiffication match during ...

Indian and Scotland players vie for the ball in the Hockey 5th/6th classiffication match during ...

A man trying to put his scooter in upright position after it fell at a waterlogged road in...

A man trying to put his scooter in upright position after it fell at a waterlogged road in...

Army officer displaying a Remotly Operated Vehicle (ROV) during a demonstration 'Mission Falah...

Army officer displaying a Remotly Operated Vehicle (ROV) during a demonstration 'Mission Falah...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523