Yes Bank seeks Deccan Chargers funds from BCCI

Yes Bank submits plea in Bombay High Court asking BCCI to release the money due to Deccan Chargers
Comment E-mail Print Share
First Published: Tue, Sep 25 2012. 04 53 PM IST
Deccan Chronicle Holdings has requested for time to reply to Yes Bank’s plea. The matter will come up for hearing on Wednesday. Photo: Rajnish Katyal/HT
Deccan Chronicle Holdings has requested for time to reply to Yes Bank’s plea. The matter will come up for hearing on Wednesday. Photo: Rajnish Katyal/HT
Updated: Tue, Sep 25 2012. 04 59 PM IST
Mumbai: Yes Bank Ltd, one of the lenders to the owners of the Indian Premier League (IPL) team Deccan Chargers, on Tuesday submitted a plea in the Bombay High Court asking the Board of Control for Cricket in India (BCCI) to release the money due to the Deccan Chronicle Holdings Ltd-owned Hyderabad cricket team.
Yes Bank’s representative in the court said the money due to Deccan Chargers should come to Yes Bank’s account, “receivables should be cleared and BCCI should withdraw the termination”. The bank further stated that Yes Bank should have the first right to all the receivables arising out of the sixth season of IPL.
The cricket board owes Deccan Chargers about Rs.41 crore under the central revenues generated from IPL, Mint reported on 19 September. On 15 September, Yes Bank issued 45 demand drafts to clear outstanding dues amounting to Rs.33 crore to Deccan Chargers players, support staff and cricket boards and associations. A day later, Yes Bank executives, in a conference call with BCCI treasurer Ajay Shirke, asked the board not to encash the drafts until it releases the money due to Deccan Chargers, according to an attachment to the affidavit.
The same matter has been raised by Yes Bank in the Bombay High Court on Tuesday. During the hearing on Monday, BCCI and Deccan Chronicle Holdings agreed to go for arbitration after the company filed a petition in the Bombay High Court on 15 September challenging the cricket board’s decision to terminate its team franchise contract. The judge was to suggest names of the arbitrator on Tuesday.
Deccan Chronicle Holdings has requested for time to reply to Yes Bank’s plea. The matter will come up for hearing on Wednesday.
Comment E-mail Print Share
First Published: Tue, Sep 25 2012. 04 53 PM IST
blog comments powered by Disqus
  • Wed, Sep 10 2014. 03 54 PM
  • Wed, Sep 03 2014. 05 33 PM
ALSO READ close

SC allows detained Italian marine to leave India on medical grounds

Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved