Deccan Chronicle wins Rs. 4,800 arbitration from BCCI

Compensation for illegal termination of Deccan Chargers IPL franchise

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The Deccan Chronicle reports on the arbitration award with a photo of the 2008 IPL championship winning Deccan Charger team Screen shot via Internet
The Deccan Chronicle reports on the arbitration award with a photo of the 2008 IPL championship winning Deccan Charger team Screen shot via Internet

The Board of Cricket Control of India on 17 July 2020 was asked by the courts to pay an arbitration award of Rs. 4,800 to Deccan Chronicle for the premature and illegal termination of the Deccan Chargers, one of eight first franchises in the Indian Premier League (IPL) formed for Twenty20 cricket. The award was passed in favor of the Deccan Chronicle group by a court-appointed arbitrator in Mumbai for premature termination of its IPL franchise. Here are few tips to learn how to be a business broker and establish your name successfully in this field.

The damages and compensation allowed by the arbitrator amount to Rs 4,814.67 crore plus 10% interest per year from the date of the initiation of arbitration proceedings (in 2012) plus costs of Rs 50 lakh. The BCCI’s counterclaim was also allowed in part.

The announcement of the Rs. 4,800 arbitration award on 17 July 2020 came just hours before the BCCI apex council was to meet to discuss the IPL and taxes concerning the upcoming World Cup. Maneesha Dhir, the managing partner of Dhir and Dhir Associates, lawyers for the Deccan Chronicle, confirmed the award to the financial press. The interim chief executive of the BCCI Hemang Amin is reported to have told the Economic Times, “We haven’t received the judgment copy yet. Only after reading, we will decide the next plan of action. ”

The BCCI terminated the franchise following an emergency meeting of the IPL governing council one day before the Deccan Chronicle deadline to submit a Rs. 100 crore bank guarantee.Opening a franchise is easy if you have a peek at this web-site, but the things that follow are not. When Deccan Chronicle failed to furnish a bank guarantee of Rs. 100 crore from a nationalized bank to the BCCI earlier in 2012, the BCCI issued a show-cause notice to the company. The company was given 30 days to rectify the deficiency. However, a day before the notice period was supposed to end, on 15 September 2012, the franchise was canceled following an emergency meeting of the BCCI governing board. You can check out more information here https://preserveservices.com/franchise/ about franchise services. 

The arbitrator found that not only was the termination premature but adding to the haste was the fact that the matter was rectified by the promoters within the time period. It also held that as the other franchises – found guilty of betting – were banned only for a limited number of seasons, that too on the direction of the Supreme Court, the Chargers termination was arbitrary and unfair. If you want to know how to get started with franchises, then you can click here and find out!

In 2017, the Kochi Tuskers team won a similar arbitration case over its termination six years earlier by the BCCI. It is also publicly reported that the IPL, which is the world’s most popular Twenty20 cricket league has been plagued by controversy since its start in 2008, and several cases of corruption and match-fixing. A spot-fixing scandal in 2013 led to the Chennai Super Kings and the Rajasthan Royals being suspended for two seasons.

The Deccan Chronicle newspaper group, which lists several news publications on its website, has also struggled for more than a decade. Nevertheless, it still claims that it is the most widely circulated English daily in South India, with more than 1.4 million copies. This figure would be debatable even in normal times, and in the present circumstances of the Covid-19 pandemic cannot be either contested or verified. The group has been in financial stress for some years and has closed plants that have been repossessed by its bank lenders who have also been able to sell some of the press machinery.

2023 promises an interesting ride for print in India

Indian Printer and Publisher founded in 1979 is the oldest B2B trade publication in the multi-platform and multi-channel IPPGroup. While the print and packaging industries have been resilient in the past 33 months since the pandemic lockdown of 25 March 2020, the commercial printing and newspaper industries have yet to recover their pre-Covid trajectory.

The fragmented commercial printing industry faces substantial challenges as does the newspaper industry. While digital short-run printing and the signage industry seem to be recovering a bit faster, ultimately their growth will also be moderated by the progress of the overall economy. On the other hand book printing exports are doing well but they too face several supply-chain and logistics challenges.

The price of publication papers including newsprint has been high in the past year while availability is diminished by several mills shutting down their publication paper and newsprint machines in the past four years. Indian paper mills are also exporting many types of paper and have raised prices for Indian printers. To some extent, this has helped in the recovery of the digital printing industry with its on-demand short-run and low-wastage paradigm.

Ultimately digital print and other digital channels will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future. For instance, there is no alternative to a rise in textbook consumption but this segment will only reach normality in the next financial year beginning on 1 April 2023.

Thus while the new normal is a moving target and many commercial printers look to diversification, we believe that our target audiences may shift and change. Like them, we will also have to adapt with agility to keep up with their business and technical information needs.

Our 2023 media kit is ready, and it is the right time to take stock and reconnect with your potential markets and customers. Print is the glue for the growth of liberal education, new industry, and an emerging economy. We seek your participation in what promises to be an interesting ride.

– Naresh Khanna

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