The beleaguered owners of Deccan Chargers had yesterday failed to produce a Rs 100-crore bank guarantee before the Bombay High Court, a condition that had been set for the struggling team's survival in the league.
Here is the full text of BCCI's statement:
The termination of Deccan Chargers franchise was challenged in the Hon’ble Bombay High Court by the DCHL pending the arbitration. A Conditional Order of stay was granted by the Hon’ble High Court pending arbitration on 1st October 2012. The condition to give BCCI a Bank Guarantee of a Nationalized Bank for Rs 100 Crores by 5.00 p.m. on 12.10.2012 to cover expenses of IPL – 6, was breached by DCHL.
Notwithstanding the Hon’ble High Court’s refusal to extend time to DCHL, the Learned Arbitrator passed the Order of Status quo last evening (12.10.2012).
BCCI moved an appeal against the Order of Arbitrator and the same was heard today morning. The Hon’ble High Court was pleased to stay the Order of Arbitrator after hearing both the parties.
Thus, the termination of DC Franchise stands.