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13 Oct, 2012, 04.

40PM IST, PTI

Debt-ridden Deccan Chargers' termination


stands
MUMBAI: After a month long legal battle, the cash-strapped Deccan Chargers
today lost its status as an IPL team after the Bombay High Court stayed the order
of Arbitrator for maintaining status quo on the matter till further hearing.
The beleaguered owners of Deccan Chargers had yesterday failed to produce a
Rs 100-crore bank guarantee before the Bombay High Court, a condition that had
been set for the struggling team's survival in the league. They later approached
the Court-appointed Arbitrator who had passed the order of status quo.
"BCCI moved an appeal against the Order of Arbitrator and the same was heard
today morning. The Hon'ble High Court was pleased to stay the Order of
Arbitrator after hearing both the parties", the BCCI said in a statement.
"Thus, the termination of Deccan Chargers franchise stands", the BCCI said,
ending the uncertainty on the fate of the team which has run into huge financial
problems.
Deccan Chronicle Holdings Limited's failure to furnish the guarantee money
before the 5pm deadline yesterday effectively meant that the BCCI's termination
of the team stood and the Board was free to float the tender for a new franchise.
But the Arbitrator's order prvented BCCI from going ahead with its termination
process.
"The termination of Deccan Chargers franchise was challenged in the Hon'ble
Bombay High Court by the DCHL pending the arbitration. A Conditional Order of
stay was granted by the Hon'ble High Court pending arbitration on 1st October
2012".
"The condition to give BCCI a Bank Guarantee of a Nationalized Bank for Rs 100
crore by 5.00 p.m. on 12.10.2012 to cover expenses of IPL - 6, was breached by
DCHL", the BCCI statement said.

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