We will see how we can recover this money from DCHL
2 per cent in DCHL
and with this invocation of pledged shares of 1.
Arbitrator CK Thakker had granted status quo to DCHL
, which the BCCI appealed against in the High Court.
The state-run bank will make appeals to the judiciary to get permission to attach or sell the properties of DCHL
to start the recovery course of action.
There was discussion within the board that the offer made by PVP -- Rs 90 crore over five years -- was a good one even under normal circumstances, let alone while bailing out DCHL
," he said.
Then, after the BCCI on September 14 terminated Deccan Chargers, the 2009 IPL champions, DCHL
responded by moving the Bombay High Court.
5 crore from Axis Bank, to whom DCHL
already owes over Rs 400 crore, was taken via a resolution at the board meeting.
The court had on October 1 asked DCHL
to provide an " irrevocable and unconditional" bank guarantee of Rs 100 crore to the BCCI on or before October 9 even as it observed that the BCCI had acted in haste while terminating the franchise's contract.
In a related development that might not be in favour of DCHL
, its biggest financial supporter, Yes Bank, which had moved Chamber Summons on Tuesday to intervene in the matter, has now sought the court's permission to withdraw its petition, much to the surprise of Justice Kathawala, who snapped back at the bank officials and said: " This is not right.
Zal Andhyarajunam, counsel for DCHL
, accepted that the company needed to pay sizeable outstanding amounts to its creditors, but said there was no reason to believe that the group would not fulfil its commitments.
After terminating Deccan Chargers' deal for " breach of contractual obligations", the BCCI marketing committee decided to float tender inviting bids for a new team, but did not announce it formally after the DCHL
moved the Bombay High Court on Saturday morning.
On Saturday morning, the DCHL
, which in 2008 bought the franchise for $ 107 million at an auction, moved BCCI president N Srinivasan the Bombay High court.