The Bombay High Court on Wednesday set aside an arbitration award that directed the Board of Control for Cricket in India (BCCI) to pay over Rs 4,800 crore to Deccan Chronicle Holdings Ltd (DCHL) over the alleged illegal termination of the latter's IPL franchise team, Deccan Chargers Hyderabad, from the Indian Premier League (IPL).
A single-bench presided over by Justice Gautam Patel "set aside" the award that had been passed in July last year by a sole arbitrator appointed by the high court to ascertain if the termination of the franchise during the fifth IPL season in 2012 was illegal.
The arbitrator had held the termination illegal and awarded DCHL a compensation of Rs 4,814.67 crore plus 10 per cent interest that was to be computed from 2012. The detailed order from the high court is awaited.
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