{"id":10777,"date":"2012-10-13T03:37:17","date_gmt":"2012-10-13T03:37:17","guid":{"rendered":"https:\/\/indiansportsnews.co.in\/?p=10777"},"modified":"2012-10-13T03:37:17","modified_gmt":"2012-10-13T03:37:17","slug":"deccan-charger-stay-terminated-from-ipl-after-failing-to-bank-guarantee","status":"publish","type":"post","link":"https:\/\/indiansportsnews.co.in\/?p=10777","title":{"rendered":"Deccan Chargers stay terminated from IPL after failing to furnish bank guarantee"},"content":{"rendered":"

Deccan Chargers\u2019 innings in the Indian Premier League came to an end after it failed to furnish the bank guarantee of 100 crore to BCCI which was the condition set by the Bombay High Court for the cash strapped team\u2019s survival in the league.<\/p>\n

A report in The Times of India<\/strong> says, Deccan Chargers’ failure to furnish the guarantee money before the 5pm deadline effectively means that the BCCI’s termination of the team stands and the Board was now free to float the tender for a new franchise.<\/p>\n

Deccan Chronicle Holdings Limited, the owner of the franchise, had sought an extension to October 12th deadline by three days to submit an “irrevocable and unconditional” bank guarantee but the High Court refused to grant further time.<\/p>\n

Justice SJ Kathawala declined to give them more time, saying the earlier deadline of October 9 had been extended by three days to accommodate them.<\/p>\n

A top BCCI official said that the IPL Governing Council had earlier decided to terminate Deccan Chargers’ contract with IPL and that decision stands.<\/p>\n

“We had decided to terminate the contract of Deccan Chargers. It was a decision taken by the IPL governing council and only that body can change it. So as things stand, their contract is terminated,” the official was quoted in the report.<\/p>\n

Meanwhile The Hindu<\/strong> writes that the financially strained Deccan Chronicle Holdings Ltd (DCHL) plunged deeper into crisis on Friday, with the Bombay High Court rejecting its application for another extension to furnish the Board of Control for Cricket in India (BCCI) with a bank guarantee of Rs. 100 crore to save its IPL team, Deccan Chargers.<\/p>\n

\u201cThey were supposed to give the guarantee today [Friday] by 5 p.m. but it did not come. They filed an application for extension, but the court did not entertain it saying it won\u2019t extend [the deadline] even for an hour. The [revocation of] termination depended on the bank guarantee. However, in the absence of it, the termination will now take effect,\u201d senior advocate T.N. Subramaniam was quoted by The Hindu.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deccan Chargers\u2019 innings in the Indian Premier League came to an end after it failed to furnish the bank guarantee of 100 crore to BCCI which was the condition set by the Bombay High Court for the cash strapped team\u2019s survival in the league.<\/p>\n

A report in The Times of India<\/strong> says, Deccan Chargers’ failure to furnish the guarantee money before the 5pm deadline effectively means that the BCCI’s termination of the team stands and the Board was now free to float the tender for a new franchise.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[52],"tags":[],"class_list":["post-10777","post","type-post","status-publish","format-standard","category-from-the-newspapers"],"yoast_head":"\nDeccan Chargers stay terminated from IPL after failing to furnish bank guarantee - IndianSportsNews.com - Latest Updated Sports News & Sports Blogs of Cricket, Hockey, Golf, Football, Tennis & Other Sports<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/indiansportsnews.co.in\/?p=10777\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deccan Chargers stay terminated from IPL after failing to furnish bank guarantee - 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