BCCI dismisses reports of stay order over Deccan Chargers' termination
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The Board of Cricket Control India (BCCI) has dismissed media reports that the Mumbai High Court has passed an order staying the termination of the Deccan Chargers Franchise.
According to a BCCI press release, BCCI Secretary Sanjay Jagdale has confirmed that the counsels of both sides were present in the Court at 10:30 am on 15 September 2012.
The Court heard both parties, and did not pass any order staying the termination. The matter has been placed for hearing on Monday, 17 September 2012, Jagdale said.
He insisted that the information that the termination of the franchise has been stayed is incorrect.
Earlier, in the wake of the certain developments due to the Deccan Chargers' defaults, the Bombay High Court had appointed a court officer to act as an observer at the opening of the tender, which was conducted under the aegis of the BCCI to save the beleaguered franchise.
However, Deccan Chronicle Holdings Ltd had rejected the bid that was received for the amount of Rs 450 crores cash and an equal sum in convertible debentures.
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