Deccan Chronicle gets 3-day extension
The govt had earlier asked DHCL to give an irrevocable, unconditional bank guarantee of Rs 100 crore to the BCCI on or before October 9
The Bombay High Court today gave a three-days extension to Deccan Chronicle Holdings Ltd (DCHL) to submit the bank guarantee of Rs 100 crore to the Board of Control for Cricket in India (BCCI).
Earlier in the day, DCHL, the owner of the cash-strapped Hyderabad franchisee Deccan Chargers, had asked for a three-days extension as it was unable to raise Rs 100 crore.
The High Court had asked DCHL to give an irrevocable and unconditional bank guarantee of Rs 100 crore to the BCCI on or before October 9. The bank guarantee would be in force for a period of one year, Justice SJ Kathawala had said after hearing a petition filed by DCHL challenging the BCCI's decision to terminate the contract of Deccan Chargers.
The BCCI had taken the decision of terminating the contract last month at its emergency IPL Governing Council meeting in Chennai.