The Bombay High Court on Monday suggested to the Board of Control for Cricket in India (BCCI) and Deccan Chronicles Holdings Ltd to settle their dispute over termination of IPL franchise by referring the matter to a mutually acceptable arbitrator.
In a minor relief to the beleaguered Deccan Chargers, the Bombay High Court on Monday directed the BCCI to maintain status quo regarding the termination of the IPL franchise, owned by Deccan Chronicles Holdings Ltd.
Capital markets regulator Sebi has sent a notice to Deccan Chronicle Holding's promoters and asked them to pay Rs 4.29 crore in a matter related to misrepresentation of financial statements of the company from FY 2008-09 to 2011-12. The regulator directed T Venkattram Reddy, T Vinayak Ravi Reddy and P K Iyer to pay Rs 4.29 crore, which includes interest and recovery costs, within 15 days, Sebi said in a demand notice issued on Friday. In the event of non-payment, it will recover the amount by attaching and selling the movable and immovable properties of the Deccan Chronicle Holdings Ltd (DCHL) promoters.
"Canara Bank is the lead banker of lenders' consortium to DCH and the bank is conducting forensic audit of DCH," Financial Services Secretary D K Mittal told reporters.
The Bombay high court has granted Deccan Chronicle Holdings Ltd (DCHL) three more days to furnish an irrevocable and unconditional bank guarantee of Rs 100 crore to the Board of Control for Cricket in India for its Indian Premier League franchise Deccan Chargers.
Deccan Chronicle's ventures into niche aviation and IPL seem to be cause of its troubles Could the strange twists and turns in the relationship between the Deccan Chronicle and Kishore Biyani-controlled Future Capital be simply coincidental?
Deccan Chronicle Holdings Ltd on Tuesday said it has launched $54.02 million foreign currency convertible bonds offering.
Deccan Chronicle Holdings Ltd, the publisher of English newspaper Deccan Chronicle and Telugu paper Andhra Bhoomi
Bombay High Court-appointed arbitrator retired Justice CK Thakkar delivered the verdict on July 17 and told BCCI to pay Rs 4,800 crore as compensation by September 2020.
The entire amount is to be provided for four quarters.
Deccan Chronicle had taken a Rs 170-crore loan from Future Capital and Rs 100-crore loan from Tata Capital.
Despite all the controversies, the IPL's brand value hasn't diminished. Instead, says Harish Kotian/Rediff.com, the IPL made the BCCI richer by over Rs 3 billion!
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