The Bombay High Court on Wednesday asked Deccan Chronicle Holdings Ltd (DCHL), the promoter of Deccan Chargers, to provide an unconditional bank guarantee of Rs 100 crore to the Board of Control for Cricket in India (BCCI) within 10 days to be able to play in the next season of the Indian Premier League (IPL). If the beleaguered DCHL manages to furnish the guarantee, the termination of the franchise agreement with Deccan Chargers will stand revoked.
The High Court also appointed retired Supreme Court judge C K Thakkar as the arbitrator and suggested that all the disputes between DCHL and BCCI be settled through an arbitration process.
The case is being heard by Justice S J Kathawala, who after hearing both the parties has suggested the issue be settled through an arbitration process within ten days time.
Meanwhile, in another twist, Yes Bank, which had yesterday filed Chamber Summons before Justice Kathawala, urging that they should be made a party to the petition, today made a volteface and withdrew its plea.
DCHL counsel Zal Andhyarajunam assured the Court that a consortium of 9-10 banks and led by Yes Bank has agreed to finance and help run the IPL team. The counsel also said that they will clear the dues of the players, which is close to Rs 33 crore.
Earlier, on Monday, the Court had the two parties to settle their dispute over termination of the franchise by referring the matter to a mutually acceptable arbitrator.
BCCI had terminated the contract of Deccan Chargers at its emergency IPL Governing Council meeting in Chennai, which DCHL had challenged in the Bombay high court.
The contract of the players will come up for renewal on October 31.