Lawstreet Journal

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

Lawstreet Journal 23 Jul 2020 9:46pm

Image courtesy: Lawstreet Journal Business Deccan Chronicles Holdings Ltd awarded compensation amounting to Rs. 4814.67 crores for 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… Continue Reading...

Tagged: Deccan Chronicles   Bombay High Court  
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