MUMBAI: After terminating the Deccan Chargers, the BCCI has invited tenders for a new IPL team.

The tender notice for a fresh franchise invites bids for 12 cities: Hyderabad, Ahmedabad, Cuttack, Dharamsala, Indore, Kanpur, Kochi, Nagpur, Noida, Rajkot, Ranchi and Visakhapatnam.

Earlier, after a month long legal battle, Deccan Chargers lost their status as an IPL team after the Bombay High Court stayed the order of Arbitrator for maintaining status quo on the matter till further hearing.

The last date for submission of the bids is 25 October. Bids can be collected from today. Under this invitation to tender, the winning bidder will be granted the right to own and operate a new team which will compete in the IPL from 2013 onwards.

The BCCI has said that it has reserved the right to cancel or amend the entire bidding process at any stage and to reject any and all bids without proving any reason. Merely buying the tender document for Rs 500,000 does not entitle the purchase to bid. The bidding parties need to fulfill the eligibility criteria and other requirements mentioned in the tender document.

MUMBAI: In yet another twist to the legal battle between Deccan Chargers and BCCI, the Bombay High Court has stayed arbitrator‘s status quo order granting more time to Deccan Chronicle Holdings Limited (DCHL) to furnish Rs 1 billion bank guarantee.

The BCCI had challenged arbitrator CK Thakkar‘s status quo order saying that he has exceeded his jurisdiction by issuing that order. Retired Justice CK Thakkar had Friday passed an interim order granting financially ailing DCHL time till 17 October to furnish bank guarantee. The arbitrator‘s order came even as the Bombay High Court had refused to extend deadline after DCHL failed to provide bank guarantee before 5 pm.

The BCCI said today that the termination of Deccan Chargers stands as per the High Court‘s stay order. "Notwithstanding the Hon?ble High Court?s refusal to extend time to DCHL, the Learned Arbitrator passed the Order of Status quo last evening (12.10.2012). BCCI moved an appeal against the Order of Arbitrator and the same was heard today morning. The Hon?ble High Court was pleased to stay the Order of Arbitrator after hearing both the parties," India‘s cricket board said today.

"The termination of Deccan Chargers franchise was challenged in the Hon?ble Bombay High Court by the DCHL pending the arbitration. A Conditional Order of stay was granted by the Hon?ble High Court pending arbitration on 1st October 2012. The condition to give BCCI a Bank Guarantee of a Nationalized Bank for ` 100 Crores by 5.00 p.m. on 12.10.2012 to cover expenses of IPL ? 6, was breached by DCHL," the BCCI said in a statement.

The court refused to grant extension to DCHL since it had already granted one on 9 October by giving the beleagured company three days time to furnish bank guarantee which would helped it book a place in season 6 of the IPL.

The court had on 1 October granted a conditional order of stay pending arbitration after DCHL challenged termination of Deccan Chargers franchise.

The failure to furnish bank guarantee meant that the termination of Deccan Chargers stands even as the company said that it has got a buyer in Mumbai-based Kamla Landmarc Real Estate Holdings Private Limited, which is believed to have committed Rs 10 billion for the beleagured franchise.

The Bombay High Court had on 26 September Justice Thakkar as arbitrator to resolve within three months the dispute between the Cricket Board BCCI and DCHL over termination of the company?s IPL franchise Deccan Chargers.

MUMBAI: The Board of Control for Cricket in India (BCCI) has challenged arbitrator CK Thakkar‘s status quo order in the Deccan Chargers case saying that the latter has exceeded his jurisdiction by issuing that order.

The arbitrator had on Friday added a new twist to the legal battle by throwing a lifeline to the financially ailing Deccan Chronicle Holdings Limited (DCHL), the parent company of Deccan Chargers by granting it time till 17 October to furnish bank guarantee.

The arbitrator had yesterday held its first meeting with the two parties since being appointed by the Bombay High Court to look into the dispute and decide whether BCCI was justified in terminating agreement with Deccan Chargers.

The court had on 1 October passed an order directing DCHL to furnish the bank guarantee within 10 days to stay in the IPL. It had also clarified that the order will cease to be in effect after DCHL fails to furnish the bank guarantee and the BCCI‘s 14 September termination notice will stand.

However the media company had sought a three-day extension on the last day of the deadline to furnish bank guarantee following which the court gave it three more days to do the same.

The three day deadline seemed too little for the beleaguered franchise as it failed to furnish an irrevocable and unconditional bank guarantee within the deadline which led to its termination from the IPL until the arbitrator granted relief by extending the deadline.

The Bombay HC had refused to grant any extension to DCHL amidst objection from BCCI counsel by saying that it has already accommodated the company‘s request once.

The termination and the subsequent relief came after the DCHL announcement that it has got a buyer in Mumbai-based Kamla Landmarc Real Estate Holdings Private Limited, which according to reports is ready to fork out Rs 10 billion for buying the team.

DCHL informed the bourses that its board has resolved to "sell, transfer/dispose of the Deccan Chargers Franchise business undertakings/business division of the company to Kamla Landmarc Real Estate Holdings Private Limited".

Earlier, DCHL had rejected Hyderabad-based PVP Ventures‘ Rs 9 billion bid to buy the franchise following which led to the termination of its franchise agreement by the BCCI on 14 September.

MUMBAI: The financially-distressed owners of IPL franchise Deccan Chargers on Friday failed to provide a bank guarantee to BCCI as directed by the Bombay High Court causing the IPL team‘s termination to continue. The dispute over the termination of the IPL franchise will now be adjudicated by an arbitrator appointed by the court.

Deccan Chronicle Holdings Ltd (DCHL) has, however, found a new buyer for Deccan Chargers in Mumbai-based Kamla Landmarc Real Estate Holdings Private Limited. But it will have to wait for the arbitration proceedings to begin before it can rest easy on its chance of completing its agreement with the real estate developer to sell the Hyderabad-based IPL team. DCHL did not disclose the price at which it has agreed to sell the IPl team to Kamala Landmarc, but reports estimated it to be around Rs 10 billion.

DCHL failed to provide the Rs 1 billion bank guarantee to BCCI (Board of Control for Cricket in India) even after the court granted three additional days on its request, ending the possibility of its team‘s participation in the sixth season of IPL in 2013.

Justice S J Kathawala declined to extend the deadline for furnishing the bank guarantee for the second time saying that it had earlier accommodated DCHL by extending the deadline by three days.

The High Court had on 1 October ruled that the BCCI had acted in haste by terminating the franchise agreement of Deccan Chargers while directing the franchise to furnish an irrevocable and unconditional bank guarantee of Rs 1 billion within 10 days. The court had clarified that the order will cease to be in effect after DCHL fails to furnish the bank guarantee.

Deccan Chargers would have been allowed to participate in the season 6 of the IPL and renew contracts with players had they managed to submit bank guarantee. All the franchises are expected to renew contracts with players before 31 October.

The court has appointed retired Supreme Court judge C K Thakkar as the sole arbitrator to adjudicate in the dispute between BCCI and DCHL. It had directed that the two parties must complete arbitration within three months.

Earlier in the day, DCHL had announced that it has agreed to sell its IPL franchise to Kamala Landmarc. DCHL informed the bourses that its board, which met on Thursday, has resolved to "sell, transfer/dispose of the Deccan Chargers Franchise business undertakings/business division of the company to Kamla Landmarc Real Estate Holdings Private Limited".

The BCCI had on 14 September terminated the franchise agreement of Deccan Chargers after DCHL rejected PVP Ventures lone bid of Rs 9 billion despite the bidder meeting the eligibility criteria of the BCCI. DCHL had rejected the bid by PVP Ventures, also a real estate firm, over payment terms.

PVP Ventures had bid after DCHL under the aegis of the cricket board invited tenders for purchase of the Hyderabad franchise in order to ease its financial difficulties. The sale of Deccan Chargers is critical for DCHL to cut down its debt which is estimated to be in the range of Rs 42 billion.

MUMBAI: The healing process for the financially ailing Deccan Chronicle Holdings Ltd (DCHL) has started. Arresting the slide to a possible bankruptcy, the Hyderabad-based media company has agreed to sell its IPL franchise Deccan Chargers to Mumbai-based real estate firm Kamala Landmarc.

The matter, however, is not that simple. For the deal to sail through, the BCCI has to give its final approval before DCHL, publishers of a clutch of newspapers including Deccan Chronicle and Financial Chronicle, ends its Indian Premier League journey. The Deccan Chronicle lenders, who are seeking to recover Rs 42 billion of debt, also have to give their consent.

DCHL informed the bourses today that its board, which met on Thursday, has resolved to "sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the company to Kamla Landmarc Real Estate Holdings Private Limited".

DCHL had to furnish bank guarantee of Rs 1 billion to BCCI, which would be in force for a year. The Bombay High Court had earlier said that the BCCI‘s decision to terminate their contract was taken in a hurry and had asked DCHL to pay the guarantee by 9 October.

DCHL had earlier rejected a bid of Rs 9 billion from PVP Ventures as it had felt that the price was too low.

MUMBAI: The Bombay High Court Tuesday gave the owners of Deccan Chargers three more days to furnish an unconditional and irrevocable bank guarantee of Rs 1 billion in order to secure a place in the season 6 of the Indian Premier League (IPL).

The high court accepted DCHL‘s application seeking extension of time to submit the bank guarantee. IPL team Deccan Chargers? owner Deccan Chronicle Holdings Ltd (DCHL) will now have to furnish the bank guarantee by Friday for its continuation as an IPL franchise.

The court had on 1 October directed Deccan Chronicle Holdings Limited to furnish Rs 1 billion bank guarantee by 9 October. However, the court had also stated that the order will cease to be in effect in the event DCHL fails to furnish a bank guarantee.

The court had directed DCHL to furnish a bank guarantee to allay the fears of the Indian cricket board that the company‘s financial health was not in good shape to run the team, which in turn would have an adverse impact on the IPL.

In response, the BCCI was told that it will be entitled to invoke the bank guarantee in the event of any default on the part of DCHL but only to the extent necessary.

The court had also appointed retired Supreme Court judge C K Thakkar as an arbitrator and had said that the arbitration process be completed within three months.

The court also told the BCCI that it will not act on the termination of franchise agreement pending the arbitration proceedings and making of an award by the arbitrator.

The BCCI had on 14 September terminated the franchise agreement of Deccan Chargers for breach of contract. The contract was terminated after DCHL rejected the lone Rs 9 billion bid of PVP Ventures despite the bidder meeting the eligibility criteria of the BCCI.

The cricket board had along with DCHL called for bids to sell the Hyderabad-based franchise in order to help the financially distressed company to find a buyer. The sale of Deccan Chargers is critical for DCHL to cut down its debt which is pegged at Rs 42 billion.