|Photos||Video & Audio||Blogs||Statistics||Archive||Shop||Mobile|
September 12, 2012
The Bombay High Court has appointed a court officer, MD Narvekar, to supervise the auction of the IPL franchise Deccan Chargers on September 13 in Chennai. The franchise is up for sale after its owner Deccan Chronicle Holdings Limited (DCHL) suffered financial losses.
The ruling was made after Tata Capital Financial Services, to which DCHL owed Rs.101 crore ($18 million approximately), had filed a petition with the High Court to protect its interests in view of the dues. The High Court also stated the sale proceeds from the auction would have to be deposited in ICICI bank and that the money once deposited couldn't be disbursed or appropriated by the company without its permission. Five per cent of the winning amount would also have to be paid to the BCCI.
The winning bid, worth between Rs. 800 crore ($144 million approximately) to Rs.1000 crore ($180 million approximately), could go towards paying back the debt.
A few companies have shown interest in the Hyderabad-based team, with Indian conglomerate, the Videocon group, being one of them.
© ESPN Sports Media Ltd.
|Comments have now been closed for this article
The veteran spinner's dream spell against Australia in 2003 symbolised a brief golden period for Kenya, but since his retirement, the country's cricket has nose-dived
Plays of the Day from the Champions League T20 match between Chennai Super Kings and Perth Scorchers, in Bangalore
Ashwell Prince talks about proving critics wrong, scoring hundreds against Australia, and that unending partnership in Colombo
Plays of the day from the CLT20 match between Dolphins and Lahore Lions in Bangalore
Plays of the day from Lahore Lions' last league match against Perth Scorchers
West Indies' ODI squad for India is surprisingly light on spin, but the tour is an opportunity for Samuels and Russell to make strong comebacks
Though derided and sometimes ridiculed, county cricket still holds the key for the future of the game in England and if all involved believed in it just a little more, it could produce an even greater harvest
Amol Muzumdar, who has announced his retirement from first-class cricket, reflects on his career, missing out on Test cricket, and more