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BCCI set to pay INR 539 crore to ex-IPL franchise Kochi Tuskers Kerala for terminating their contract in 2011 [Update@ Post#8]

2011

2011

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What do dou think of it guys, I think it's quite creative
 
Creating thread about these jokers is I think a bit too much.
Surprise to see people still watch IPL.
 
New Delhi: The BCCI is set to pay a huge compensation of more than Rs 800 crore to disbanded IPL franchise Kochi Tuskers Kerala for terminating their contract in 2011.

"Kochi Tuskers has demanded Rs 850 crore as compensation. Today we discussed the matter at IPL GC meeting and we will now place the matter before general body. Let them take a call but obviously some negotiations are needed," IPL chairman Rajiv Shukla said after the meeting.

Kochi Tuskers owners in 2015 had won an arbitration challenging BCCI decision to encash bank guarantee citing breach of contractual agreement.

The RC Lahoti headed panel had directed BCCI to pay Rs 550 crore as compensation with 18 percent annual penalty on failing to do so.

For the past two years, BCCI was adamant in neither paying compensation nor taking back the franchise in the IPL.

"We have to pay Kochi compensation. All legal options have been exhausted. Normally when arbitration decision goes against you, it will be stupid to move Supreme Court appealing against it. We have no option but question is how much," an influential IPL GC member told PTI after coming out of the meeting.

The decision to terminate Kochi contract was taken by then BCCI President Shashank Manohar citing breach of franchise agreement, something majority of BCCI officials were against.

"It was one man's obstinacy that is now costing us a bomb. Had Shashank not taken that decision, we could have worked our way out.

"In fact, before Kochi went to arbitration, they had asked for a compensation of Rs 300 crore. Even then our officials showed arrogance and now we will be forced to shell out more than double," the angry official further added.

The BCCI will be trying to negotiate and bring down the compensation to an optimum level.

"Even then we will not be able to bring down to less than Rs 600 crore, I feel," said the official, who had been associated with the case.

Meanwhile in another development, the BCCI will be earning a token amount of Rs 5 lakh from Chennai Super Kings (CSK) as a part of 5 percent earnings from total valuation of a franchise that transfers its ownership.

Chennai Super Kings are now under the wings of Chennai Super Kings Company Limited (CSKCL) with India Cements transferring its shares to the newly formed limited company.

As per IPL rules, any transfer of ownership will mean that BCCI will get 5 percent of the total valuation.

Accordingly, BCCI is expected to get Rs 5 lakh and senior officials are not amused.

"This is bizarre but true. We will get Rs 5 lakh but we are trying to take legal opinion," the official said.

http://www.firstpost.com/firstcrick...r-terminating-their-contract-4170965.html/amp
 
Will they negotiate and have the team back in the IPL instead ?
 
The Bombay High Court has directed the Board of Control for Cricket in India (BCCI) to pay INR 539 crore to Kochi Tuskers Kerala's owners, Kochi Cricket Private Limited (KCPL) and Rendezvous Sports World (RSW), over the termination of the Kochi IPL franchise in 2011

The franchise played only one IPL season in 2011 before BCCI terminated it, alleging breach of contract due to failure to provide a bank guarantee on time.

The dispute went to arbitration, and in 2015, the tribunal ruled in favor of Kochi Tuskers, ordering BCCI to pay INR 384 crore to KCPL and INR 153 crore to RSW. BCCI challenged the award, but the Bombay High Court rejected their appeal, stating that under Section 34 of the Arbitration Act, the court's jurisdiction is limited and it cannot reassess the merits of the dispute. Justice Riyaz I. Chagla noted that BCCI's dissatisfaction with the evidence or findings was insufficient to overturn the award, which found BCCI had wrongfully invoked the bank guarantee, amounting to a repudiatory breach of the franchise agreement.

This ruling is a significant financial setback for BCCI and highlights the mishandling of the Kochi Tuskers franchise termination over a decade ago. The court has given BCCI six weeks to appeal the decision. Despite the compensation, Kochi Tuskers Kerala is unlikely to return to the IPL as the ownership consortium has dissolved.
 
Ravindra Jadeja, VVS Laxman Not Paid Salaries By Defunct IPL Franchise, There's A Rs 538 Crore Connection

The controversy between the BCCI and now-defunct Indian Premier League (IPL) franchise Kochi Tuskers Kerala (KTK) is making new headlines everyday. KTK were a part of IPL in 2011, where they played 14 games and won only six. The BCCI terminated the franchise after just one season (2011), accusing the team of a contract breach after failing to submit a bank guarantee on time, which was required under the agreement. However, last week, the Bombay High Court, ordered BCCI to pay Rs 538 crore to KTK. After this news left everyone stunned, another report by Malayalam newspaper Mathrubhumi revealed that many big names like VVS Laxman, Ravindra Jadeja, Steve Smith are yet to receive their full and final payment from the Kerala-based franchise.

According to the report, KTK paid the players the first two installments of their salaries. However, they are yet to pay them their third installment, which was 35 percent of their respective salaries.

"Sri Lankan legend Mahela Jayawardene, who captained the Kochi franchise, was the team's most expensive signing at Rs 6.80 crore. It is reported that over Rs 2 crore is still due to him-excluding accumulated interest over the years. Current England head coach Brendon McCullum, signed for Rs 2.15 crore, is still owed approximately Rs 75 lakh," stated the report.

"Other notable names awaiting payment include former India interim head coach VVS Laxman, Gujarat Titans assistant coach Parthiv Patel, Australian batter Steve Smith, and Indian all-rounder Ravindra Jadeja. Even local Kerala players like S. Sreesanth, Raiphi Vincent, Prasanth Padmanabhan, and Prashanth Parameswaran are among those left unpaid," stated further.

Talking about the Bombay High Court ruling, in 2015, the BCCI was asked to pay Rs 550 crore -- 384 crore to KCPL and 153 crore to Rendenzvous sport -- to IPL franchise Kochi Tuskers after an arbitration ruled in favour of the team recently. The BCCI had challenged the tribunal's verdict in court.

The franchise which was bought for a whooping Rs 1,550 crore a year ago defaulted on their annual payment after which the BCCI terminated their contract in 2011. The franchise won the case against the BCCI and the court ordered the board to pay Rs 550 crore.

"The jurisdiction of this Court under Section 34 of the Arbitration Act is very limited. BCCI's endeavour to delve into the merits of the dispute, is in teeth of the scope of the grounds contained in Section 34 of the Act. BCCI's dissatisfaction as to the findings rendered in respect of the evidence and/or the merits cannot be a ground to assail the Award," the court said in its ruling last week.

sports.ndtv.com

Ravindra Jadeja, VVS Laxman Not Paid Salaries By Defunct IPL Franchise, There's A Rs 538 Crore Connection | Cricket News

The controversy between the BCCI and now-defunct Indian Premier League (IPL) franchise Kochi Tuskers Kerala (KTK) is making new headlines everyday.
sports.ndtv.com sports.ndtv.com
 
Unfortunately in third world countries these types of scams seem to happen quite regularly.

I hope the players are paid and the image of the league isn't tainted further.
 
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