Bombay high court on DC

The Bombay High Court today directed that proceeds from the sale of the Deccan Charges IPL team be deposited with the ICICI bank after paying five per cent to the BCCI.

Updated on: Sep 12, 2012 12:00 AM IST

Hindustan Times | By Anonymous, New Delhi/Mumbai

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The Bombay High Court today directed that proceeds from the sale of the Deccan Charges IPL team be deposited with the ICICI bank after paying five per cent to the BCCI.

The order was passed on an application filed by Tata Capital against Deccan Chronicle Holdings Ltd (DCHL), owners of Deccan Chargers, for recovery of a Rs 101 crore loan.

"BCCI has claim of only five per cent of the sales proceeds. The remaining amount is available for creditors of Deccan Chronicles," they argued. The next hearing is on September 17.

The auction is due to be opened on Thursday in Chennai. A few bidders have evinced interest but it how many go all the way to acquire the team considering the financial issues remains to be seen. The Canara Bank was conducting forensic audit of DCHL's accounts.

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