The Bombay high court on Wednesday appointed retired Supreme Court judge, Justice CK Thakkar as an arbitrator for deciding the dispute between Deccan Chronicle Holdings Limited (DCHL), owners of Indian Premier League (IPL) team Deccan Chargers, and the Board of Control for Cricket in India (BCCI).
Justice SJ Kathawalla appointed Justice Thakkar after finding both the IPL team owner company and the cricket controlling body were not able to arrive at a mutually acceptable name. Acting on an arbitration petition filed by DCHL, the judge also requested the arbitrator to try to conclude the arbitral proceedings within three months.
Justice Kathawalla, however, reserved orders on the arbitration petition and the DCHL plea to stay on the BCCI letter of September 15 terminating its franchise agreement of April 2008, during pendency of the arbitral proceedings. BCCI counsel Rafiq Dada strenuously opposed the plea for stay on the termination by expressing apprehension that it may pose uncertainty over the next IPL tournament itself.
During course of course of hearing on the petition, DCHL counsel Zal Andharyujina agreed to submit a bank guarantee of Rs 100 crores and also unconditional disbursement of players dues - Rs 8 crore of Indian players and $34 lakh of their foreign players - for which pay orders have already been issued by Yes Bank.
DCHL has approached high court, on September 15, a day after BCCI terminated its franchise agreement for the IPL team and sought order restraining the cricket controlling body from taking any steps in furtherance of its notice of August 16, 2012 for terminating its franchise agreement of April 10, 2008 under which DCHL has paid $107 million for Deccan Chargers team.