The Bombay High Court on Wednesday set aside an arbitration order that directed the BCCI to pay over Rs 4,800 crore to Deccan Chronicle Holdings Ltd (DCHL) over the termination of the IPL franchise, Deccan Chargers, from the Indian Premier League. A single-bench presided over by Justice Gautam Patel set aside the order that was passed in July last year by a single arbitrator appointed by the high court to look into the legality of the matter.
The arbitrator gave his verdict against the Board of Control for Cricket in India and awarded the owners of the franchise a compensation of Rs 4,814.67 crore plus 10 per cent interest that was to be calculated from 2012.
Deccan Chargers won the Indian Premier League in 2009 when the tournament was shifted to South Africa due to the general elections in India. They defeated Royal Challengers Bangalore in the finale.