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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.
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