An arbitrator on Friday awarded over Rs 4,800 crore to Deccan Chronicles Holding Ltd in its dispute against the Board of Control for Cricke...
An arbitrator on Friday awarded over Rs 4,800 crore to Deccan Chronicles Holding Ltd in its dispute against the Board of Control for Cricket in India over the termination of the company’s Indian Premier League franchise team, a DCHL lawyer said.
The arbitrator held the termination of franchise as illegal, the lawyer added.
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 11 August 2012, the BCCI issued a show-cause notice for termination of the franchise to DCHL and the termination was confirmed a day before the 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 CK 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...
