Kochi Tuskers Kerala players celebrate their win over Kolkata Knight Riders in the 2011 edition of the IPL. Josekutty PanackalIn a big blow to the Board of Control for Cricket in India (BCCI), the Supreme Court has directed the former to pay a compensation of Rs 550 crore to disbanded Indian Premier League (IPL) franchise Kochi Tuskers Kerala for terminating their contract in 2011.
The apex court has also directed the amount must be paid as compensation with 18 per cent annual penalty.
The Tuskers had demanded Rs 850 crore as compensation.
The Tuskers owners had won an arbitration in 2015 challenging the BCCI decision to encash bank guarantee citing breach of contractual agreement.
The R C Lahoti-headed panel had directed the BCCI to pay Rs 550 crore as compensation with 18 per cent 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.
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.
(With agency inputs)
