The Bombay High Court rejected on Wednesday a plea by the terminated Kochi Tuskers IPL franchise seeking to restrain the BCCI from enforcing its bank guarantee of Rs 154 crore. “I am refusing any relief and I am rejecting the application,” Justice SJ Vazifdar said while pronouncing his verdict.
The BCCI terminated the contract of Kochi Tuskers on Monday over alleged breach of contract and announced that it had decided to encash the bank guarantee. The consortium that owns Kochi Tuskers has been mired in a bitter ownership dispute since its inception and had defaulted on its annual fees and did not make the payment despite notice from the Board.
The franchise, bought for Rs 1,550 crore, was supposed to make annual payments for 10 years. The termination reduces the field for next season’s IPL tournament to nine.
Many leading players, including Sri Lanka batsman Mahela Jayawardene, Muttiah Muralitharan, VVS Laxman and Parthiv Patel were in the KTK team. The Board has promised to take care of the players. htc