The Bombay High Court, on Tuesday, granted Deccan Chronicles Holdings Ltd. (DCHL) time for three more days to give a bank guarantee of Rs.100 crore to the Board of Control for Cricket in India (BCCI) concerning its Deccan Chargers IPL team.
The high court on October 1 had directed DCHL to furnish the bank guarantee by October 9, which was to be in force for one year.
Since the cash strapped company could not augment it by the deadline, it sought an extension. Now it had time till Friday.
The October 1 directive was issued by the court while hearing a petition filed by DCHL challenging BCCI’s decision to terminate its contract for the IPL franchise.
The court had earlier observed that DCHL should bear all expenses for IPL Series-6.