38.6c New Delhi, India, Monday, April 15, 2024
Business

Deccan Chronicles Holdings Ltd awarded compensation amounting to Rs. 4814.67 crores for wrongful termination

By Prachi Misra      23 July, 2020 04:16 PM      0 Comments
Deccan Chronicles Holdings Ltd wrongful termination

On Friday, 17th July 2020 Deccan Chronicles Holdings Ltd (owner of Deccan Charges) has been awarded compensation of Rs 4814.67 crore plus along with interest from 2012 by Bombay High Court appointed Arbitration Tribunal.

The Bombay High Court-appointed Arbitration Tribunal found, on Friday (17th July 2020), illegal termination of the Deccan Charges IPL team by the Board of Cricket Control in India (BCCI).

The statement of the Tribunal read,  “It may be mentioned here that the dispute arose in the fifth IPL season, when the BCCI issued a show-cause notice for termination on 11th August 2012, over what the promoters alleged were ‘trivial matters’.” 

It further mentioned, “The promoters also said it was a case of discrimination as other franchises that had actually indulged in illegal activities were only handed meager penalties, or banned for two seasons…The Deccan Charges promoters were given 30 days to rectify matters, but the IPL in a meeting on the 29th day took a decision to terminate the franchise. The rectification happened on the 30th day itself, yet the BCCI chose to disregard it.”

DCHL sought to keep termination aside and claimed for damages of Rs 6,046 crore plus interest and charge as per the agreement, BCCI countered with a claim of Rs 214 crore for the remaining five years of the ten-year contract as the franchise fee.

The statement added, “The damages and compensation allowed by the arbitrator amount to Rs 4,814.67 crore plus 10 percent interest per year from the date of the initiation of arbitration proceedings (in 2012) plus the cost of Rs 50 lakhs. The BCCI’s counterclaim was allowed in part. BCCI has yet to comment on the award.”

Whether BCCI will contest the verdict of the Arbitration Tribunal remains to be seen.

 



Share this article:



Leave a feedback about this
TRENDING NEWS

need-to-safeguard-judiciary-from-unwarranted-pressures-21-ex-judges-write-letter-to-cji
Trending Legal Insiders
Need to safeguard judiciary from unwarranted pressures: 21 ex-judges write letter to CJI

21 ex-judges write to CJI Chandrachud urging protection of judiciary from pressures undermining its integrity and autonomy.

15 April, 2024 12:17 PM
sc-notice-to-ed-declines-early-date-on-plea-by-delhi-cm-arvind-kejriwal-against-arrest
Trending Judiciary
SC notice to ED; declines early date on plea by Delhi CM Arvind Kejriwal against arrest

SC issues notice to ED, declines early hearing on Delhi CM Kejriwal's plea against arrest in liquor scam.

15 April, 2024 03:08 PM

TOP STORIES

location-sharing-of-accused-as-bail-condition-sc-directs-google-to-explain-how-its-pin-location-sharing-work
Trending Judiciary
Location sharing of accused as bail condition: SC directs Google to explain how its PIN location-sharing work

Supreme Court directs Google to explain its PIN location-sharing feature as bail condition for accused, raising privacy concerns. Details sought on technical aspects.

09 April, 2024 02:06 PM
cant-jail-everyone-for-making-allegations-against-cm-sc-tells-tamil-nadu-government
Trending Judiciary
'Can't jail everyone for making allegations against CM,' SC tells Tamil Nadu government

Supreme Court rebukes Tamil Nadu, saying not everyone making allegations against CM can be jailed; restores bail for YouTuber Sattai.

09 April, 2024 02:07 PM
hc-dismisses-kejriwals-plea-challenging-arrest-by-ed-in-liquor-policy-case
Trending Judiciary
HC dismisses Kejriwal's plea challenging arrest by ED in liquor policy case

Delhi High Court dismisses Arvind Kejriwal's plea challenging his arrest by ED in liquor policy case, ruling it legal. Kejriwal remains in Tihar jail pending Supreme Court relief.

09 April, 2024 05:22 PM
sc-allows-man-to-undergo-potency-test-as-wife-claims-marriage-not-consummated-more-than-7-years-of-alliance
Trending Judiciary
SC allows man to undergo potency test as wife claims marriage not consummated more than 7 years of alliance [Read Judgment]

Supreme Court permits potency test for husband in divorce case where wife alleges marriage unconsummated after 7+ years.

09 April, 2024 05:38 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email