Deccan Chronicle seeks 3 more days to furnish 100 cr bank guarantee

However the court has not given its order yet

Deccan Chronicle Holdings Ltd (DCHL), the owner of the Hyderabad franchisee of the Indian Premier League (IPL) Deccan Chargers, has asked for a three-days extension to furnish the Rs 100 crore bank guarantee to the Indian cricket board, which it was supposed to give by today.

Sources in the Board of Control for Cricket in India (BCCI) confirmed to Business Standard that DCHL has asked for a three days extension, but the court has not given its order yet. “The High Court order will come by 6 pm on whether DCHL will be given three more days or not,” a ource said.

 

Earlier, the Bombay 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 the cash-strapped Hyderabad franchise.

The Board of Control for Cricket in India had taken the decision last month at its emergency IPL Governing Council meeting in Chennai.