Rajasthan Royals gets http://www.senore.com/Cricket/Green-c60723 Signal for IPL season 4
Upholding the decision of the arbitrator, the Bombay High Court has allowed the Rajasthan Royals to take part into the auction for IPL-4.
While declaring the verdict on Tuesday, Justice S J Vazaifdar dismissed the appeal filed by the BCCI (Board of Control for Cricket http://www.senore.com/Cricket/India-c750) which had challenged the stay granted by the arbiter to the Rajasthan Royal according to which they were free to participate
in the auction for IPL season 4, which is going to take place on 8th and 9th of January.
However, the Court’s decision did not come without conditions as according to the sources the http://www.senore.com/Cricket/Rajasthan-c837 Royals has been directed to file an affidavit by 3rd of January which must contain the details of its ownership and the mode of control.
Giving its detailed observation, the court stated, “It is necessary that the bonafides of the three owners – Emerging Media (IPL) Ltd, Tresco International and Bluewater Estates Ltd – are established. BCCI is entitled to call for full disclosure of ownership
under the franchisee agreements.”
Besides providing the details about mode of control, the affidavit will also include a statement from all three stated company owners that they were in full control of their investment companies.
The only positive point for BCCI in the court’s verdict was that the court directed Rajasthan Royals to submit guarantee money of $ 2.83 million to the BCCI for the contract; moreover, another $18 million guarantee will be required to be provided for the
players.
After the detailed decision by the High Court, the arbitration proceedings are supposed to continue unless BCCI takes the case to apex courts.
Before the detailed decision by the High Court and a similar decision by the arbiter, on October 10, BCCI had terminated Rajasthan Royals’ franchisee agreement, as there were allegations that the team had breached the contract by brining changes to its corporate
structure without discussing the matter with BCCI authorities.
Upon termination of the agreement, on October 26, Rajasthan Royals decided to seek help from High Court against the BCCI. However, as both of the parties had agreed to solve the matter through arbitration, the case remained pending.
When Justice B N Srikrishna, the arbiter for the issue gave his decision in favour of Rajasthan Royal on 30th of November, it prompted the BCCI to properly take the matter before the High Court.
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