HC grants DC 3 more days for guarantee

HC grants DC 3 more days for guarantee

The Bombay High Court on Tuesday granted three more days to Deccan Chronicle Holdings Ltd (DCHL) to give an irrevocable and unconditional bank guarantee of Rs 100 crore to the Indian cricket board regarding IPL franchise Deccan Chargers.

DCHL, owners of IPL team Deccan Chargers, were on October 1 directed by the high court to submit by October 9 the bank guarantee which would be in force for a period of one year.

The direction was passed by Justice S J Kathawala while hearing a petition filed by DCHL challenging BCCI’s decision to terminate the contract of cash-strapped Hyderabad franchise.
BCCI had in September taken the decision to terminate the contract after an emergency IPL Governing Council meeting in Chennai.

DCHL filed an application on Tuesday seeking extension of time to submit the bank guarantee which was accepted by the court. The company will now have to give the bank guarantee by Friday.

The court had earlier ordered that DCHL shall bear all expenses for IPL series-6 including making payments to BCCI towards franchise, players and support team costs. Besides, DCHL shall also bear the costs of conducting matches and other expenses, the judge had ruled.