BCCI to Pay Rs 4,800 Crore to Deccan Chargers for Wrongful Termination
In a major blow to the Board of Control for Cricket in India, Deccan Chargers has won the arbitration case against the game's governing body.
Bombay High Court-appointed arbitrator retired Justice CK Thakkar delivered the verdict on July 17 and told BCCI to pay Rs 4,800 crore as compensation by September this year.
Deccan Chargers had won the second edition of the Indian Premier League in 2009 when the franchise was owned by Hyderabad-based media house Deccan Chronicle. But the franchise was mired in controversies when the promoter ran into financial problems.
Dhir and Dhir Associates represented Deccan Chronicle in the arbitral proceedings while BCCI was represented by Maniar Srivastava Associates.
"BCCI had terminated the contract of Deccan Chronicle a day before. The challenge was in respect of illegal and premature termination and the tribunal has also come to the conclusion that the termination was premature," Ashish Pyasi, associate partner of Dhir and Dhir Associates, told Moneycontrol.
Earlier in 2017, a similar arbitration case was won by the owners of Kochi Tusker Kerala.
BCCI had called for a tender and the franchise was bought by Sun TV Network and rebranded as Sunrisers Hyderabad.
In 2012, Deccan Chronicle had challenged the 'alleged illegal termination' in the Bombay High Court.