Auto Segment
Mutual Fund Segment
My Budget
Expert Speak
In Association With
Business Standard

We withhold bank guarantee because of BCCI's betrayal of trust: Pune Warriors

Sahara says arbitrary reduction in the number of IPL matches by BCCI from number stipulated in agreement was centre of the dispute

Related News

Group today sought to defend its decision to not furnish the to the which led to the termination of from the IPL, saying that it was forced to do that as the Board "has always acted in betrayal of trust and not fulfilled its part of obligations".

Sahara Group said the "arbitrary" reduction in the number of matches by the BCCI from the number stipulated in the franchise agreement was at the centre of the whole dispute.

"BCCI had made pre-bid representations that 94 matches will be held in every season and then arbitrarily reduced the number of matches from 94 to 74 & then 76. Sahara had placed its bid for IPL franchise based on the representations of BCCI which were false," the Sahara group said in a release.

"The reduction in the number of matches has had a substantial financial impact due to the reduction in the central revenues under the Franchise Agreement. Sahara had raised the issue regarding significant reduction in the number of matches which was one of the most important basis and criteria for the bid, since 2011," it said.

"BCCI did not want to honour their promises. Therefore due to non fulfilment of reciprocal obligations of BCCI and failure to keep its promises as given in February 2012, Sahara was left with no option but to hold back the Bank Guarantee till promises and obligations were fulfilled. But instead of fulfilling its promises and obligations, BCCI went ahead and terminated the contract, though itself is in breach."

With a defiant Sahara group refusing to furnish the requisite bank guarantee, the BCCI today decided to terminate Pune Warriors from the IPL after a meeting of its all-powerful working committee in Chennai.

Sahara said the BCCI's act of terminating Pune Warriors from the IPL for non submission of bank guarantee was a desperate measure to cover up its (Board's) non compliance of promises and obligations.

"The issue raised by BCCI in creating grounds for termination as non submission of Bank Guarantee seems like a desperate measure to cover for their non compliance of promises and obligations.

Read more on:   

Read More

Pic seals win Race 1 of MRF Challenge

Arthur Pic battled past Tio Ellinas to win Race 1 of the MRF Challenge 2013 at the Buddh International Circuit (BIC), here today. Pole sitter ...

Recommended for you

Quick Links


Back to Top