BCCI will have to pay Rs 538 crore loss to the owners of the IPL franchise Kochi Tuscars Kerala. The Bombay High Court on Tuesday rejected the BCCI's petition against the Mediation Tribunal decision.
Bombay High Court Justice RI Chagla said, “The court cannot interfere in this case because the role of the court is limited under section 34 of mediation and settlement law. The challenge of BCCI is against the jurisdiction of Article 34 of the Act. We just can't change the decision because you don't like it. '
10 years ago in 2015, Tribunal Justice RC Lahoti ruled in favor of the franchise. The court ordered that the BCCI would pay Rs 538 crore as compensation to the team. The BCCI challenged the tribunal's decision in the Bombay High Court.
Got entry in 2011 IPL, closed after a season
The Kochi Tuskers Kerala team played its last IPL match against Chennai Super Kings on May 18, 2011.
BCCI removed Kochi Tuscars for non -payment of bank guarantees, 3 issues of case
1. In 2011, Kochi Tuscars Kerala was added as the new IPL team. Initially, the team was owned by the Rendezvas Sports World (RSW). It was later taken by Kochi Cricket Private Limited (KCPL). In September 2011, the BCCI terminated the franchise.
2. The franchise owner could not renew the BCCI's bank guarantee. The owner had to submit a guarantee in the bank by March 26, 2011. The board waited for about 6 months, but the contract amount of Rs 156 crore was not received. Because of this, the BCCI terminated the team at the annual meeting on September 19, 2011.
3. The KCPL and RSW began the mediation process in 2012 against the board's decision. In 2015, the tribunal ruled that the BCCI violated the agreement and incorrectly recovered the guarantee amount. The tribunal said that due to the BCCI error, KCPL suffered a loss of ₹ 384 crore and the RSW has suffered a loss of ₹ 153 crore. That is, a total return of over ₹ 538 crore was fixed, including interest and legal costs.
What is the mediation process? Mediation is a method in which two parties (such as people, companies or organizations) resolve their disputes against the third party instead of the court. The third party is called a mediator. There was a financial dispute between Kochi Tuscars and BCCI. The dispute between the two went to the intermediary tribunal. The tribunal ruled in favor of Kochi Tuscars.
RSW bought the franchise for Rs 1555 crore Kochi Tuscars was the 9th franchise of IPL. It was purchased in 2010 by the Randezvas Sports World Company for Rs 1555 crore. In fact, the BCCI increased the number of IPL teams from 8 to 10 in 2011.
The team led by Mahela Jayawardene consisted of star players like Brendon McCullum, Ravindra Jadeja, Muthaiya Muralitharan, RP Singh and Sreesanth. Nevertheless, the team could not win only 6 of 14 matches and could not reach the playoffs in 8th place in the points table.
Tendulkar scored a century against Kochi Tuscars Kochi played only one season, but Sachin Tendulkar scored the only century of his T20 career against him. From Sachin's century, Mumbai Indians scored 182 at Wankhede Stadium on April 15, 2011. Although this score was not enough to win the team, Kochi achieved the target by losing just 2 wickets in 19 overs. McCullum scored 81 matchwinning.
Sachin Tendulkar scored an unbeaten 100 against Kochi Tuscars from Mumbai Indians.
Image Credit: Images/graphics belong to (Divya-Bhaskar).