HC denies extension to Chargers to pay guarantee

October 12, 2012 12:27

Deccan Chronicle Holdings Limited (DCHL), is now under the risk of losing its IPL franchise if it fails to cough up the Rs 100 crore bank guarantee to the Board of Control for Cricket in India (BCCI), said a banker close to the development, reports Indian Expess.

This is an irrevocable and unconditional bank guarantee towards the expenses for IPL series-6 including making payments to BCCI to players and support team costs. If DCHL fails to come up with the guarantee its IPL contract could be revoked, said the banker. The 6th edition of the IPL is expected to be played out in April-May next year.

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