Click it and Unblock the Notifications
Sporting Buzz
-
Pakistan vs New Zealand: Who Can Replace Mohammad Rizwan, Irfan Khan in PAK Squad? -
IPL 2024: MI vs CSK Clash at Wankhede Emerges as Most-Watched Match Midway Through IPL Season 17 -
Kavya Maran: All You Need To Know - Personal Life, Net Worth, Educational Background And Others -
Online Gaming Industry in India earned INR 16,428 crore in FY23, future looks bright: Joydeep Mukherjee, CMO Deltatech Gaming -
'RCB have won just one game but Orange Cap on his head': Anjum Chopra backs Virat Kohli to open in T20 World Cup -
Bangladesh vs Zimbabawe: Will Shakib Al Hasan Play Home T20 Series In May Or Not? -
KKR vs PBKS Head To Head Record, Stats & Results in Eden Gardens, Kolkata Ahead of IPL 2024 Match 42 -
WWE Draft 2024 rules revealed; Top star out of pool due to injury -
AEW Dynamite: New Title Matches announced on April 24 episode -
Former Zimbabwe Cricketer, who slept with crocodile under his bed in 2013, survives leopard attack this time
New Delhi: The Supreme Court on Friday (May 11) directed the Board of Control for Cricket in India (BCCI) to deposit Rs 100 crore with immediate effect if they are looking for a stay of an arbitral award against it in favour of the Kochi Cricket Pvt. Ltd - owners of erstwhile IPL team Kochi Tuskers Kerala.
The bench of Justice AK Goel and Justice Indu Malhotra heard the appeal filed by Kochi owners. An arbitral award of Rs 800 crore was passed by retired Supreme Court judge Justice RC Lahoti in favour of Kochi earlier.
IPL PAGE | SCHEDULE | POINTS TABLE
BCCI had the filed a Section 34 application before the Bombay HC challenging the same. The High Court had proceeded to stay the arbitral award forcing the Kochi owners approach the Supreme Court.
Kochi Tuskers owners in 2015 had won an arbitration challenging BCCI decision to encash bank guarantee citing breach of contractual agreement.
The Justice Lahoti headed panel had directed BCCI to pay Rs 550 crore as compensation with 18 percent annual penalty on failing to do so.
For the past two years, BCCI was adamant in neither paying compensation nor taking back the franchise in the IPL.
The decision to terminate Kochi Tuskers' contract was taken by the then BCCI president Shashank Manohar citing breach of franchise agreement, something majority of the BCCI officials were against.
The Kochi Tuskers were one of the two teams admitted into the IPL in 2011 along with Pune Warriors India. The BCCI terminated the Tuskers agreement after the 2011 seasons citing contract breach.
The Tuskers had some big names in their roster such as VVS Laxman, Mahela Jayawardene, Muttiah Muralitharan, Ravindra Jadeja, S Sreesanth, Brendon McCullum, Steve Smith, RP Singh, Steve O'Keefe, Brad Hodge and Owais Shah.
The team was sponsored by major players in the market like Federal Bank, Lotto, AVT, V-Guard, Elite Food Products and Anchor Earth.
Hearing adjourned
A three-judge bench of the Supreme Court, headed by Chief Justice of India Dipak Misra, has on Friday (May 11) adjourned the Board of Control for Cricket in India (BCCI) hearing on the Justice Lodha Committee reforms until July 4.
