Supreme Court in New Delhi. IANSThe Supreme Court has directed the Board of Control for Cricket in India (BCCI) to deposit Rs 100 crore with immediate effect as a condition for stay of an arbitral awarded against it in favour of Kochi Cricket Pvt Ltd.
The Supreme Court had earlier directed the BCCI to pay a compensation of Rs 550 crore to disbanded Indian Premier League (IPL) franchise Kochi Tuskers Kerala for terminating its contract in 2011.
The apex court had also directed the amount must be paid as compensation with 18 per cent annual penalty.
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.
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)
