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Tuesday, September 25, 2012

Yes Bank intervenes in Deccan Chargers-BCCI dispute

Yes Bank, the financial supporter of beleagured Deccan Chronicles Holdings Ltd (DCHL), today moved the Bombay High Court, saying it would like to intervene in the petition filed by DCHL challenging the decision of the BCCI to terminate its IPL franchise ‘Deccan Chargers’

Yes Bank Counsel Milind Sathe filed a Chamber Summons before Justice S J Kathawala, urging that they should be made a party to the petition and heard in the matter.

DCHL Counsel Zal Andhyarajunam asked for time to file a reply, following which the court fixed the matter tomorrow to hear the parties and pass an order on the plea made by Yes Bank.

Yes Bank put up three conditions in their plea, saying unless these were met it would not be possible for them to give financial support to DCHL, and that they may consider withdrawing the finance given to them. The bank has issued demand drafts for Rs 33 crore for payment to players of Deccan Chargers and these DDs are lying with BCCI.

The three conditions put forth by Yes Bank are withdrawal of BCCI decision to terminate the Deccan Chargers’ franchise, deposit whatever amount is due or receivable by Deccan Chargers in their account with Yes Bank and the Cricket Board release Rs 41 crore due to Deccan Chargers.

The bank said if these conditions were not met, the entire exercise of trying to save the franchise would be futile. “If the franchise does not survive and we do not get the money, then what is the use of giving Deccan Chargers Rs 33 crore to clear its dues?” its counsel said.

The court had yesterday asked BCCI and DCHL to settle their dispute over termination of the franchise by referring the matter to a mutually acceptable arbitrator. Both the sides were asked to submit names of arbitrators today. But it could not be done in view of plea made by Yes Bank.


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