The Bombay High Court has granted Kings XI Punjab interim stay, on the termination of the franchisee agreement by the Board of Control for Cricket in India (BCCI) that has barred the team from playing in the IPL (Indian premier League)..The Bombay High Court has granted Kings XI Punjab interim stay, on the termination of the franchisee agreement by the Board of Control for Cricket in India (BCCI) that has barred the team from playing in the IPL (Indian premier League)..O.P. Khaitan & Co. is representing Kings XI Punjab with a team led by Partner Gautam Khaitan. Speaking to Bar & Bench, Partner Gautam Khaitan said, “Matter being sub-judice, we prefer not to make any comment”..Amarchand Mangaldas is representing the BCCI with a team led by Partner Sharad Mathkar..Judge S.J. Vajifdar while granting interim stay stated, “that prima facie Punjab had a strong case against the expulsion and the interim injunction was only just. The franchise cannot change its shareholding pattern and the control should rest in the hands of the four main owners i.e. Ness Wadia, Preity Zinta, Mohit Burman and Karan Paul”..The Court also said that these four needed to hold not less than 51 percent of the shares in KPH Dream Cricket Pvt. Ltd – the rights holding company of the franchise until the final judgement, reports the Midday..The NDTV reports, in the interim Kings XI Punjab will have to submit various guarantees to the Court and the BCCI. The first is clearing the pending payments to its players over the last two years, an amount of Rs. 35 crore ($7.77 million). And now, since the franchise is free to re-enter the IPL arena, the court has asked it to commit an amount of $18 million (approximately Rs. 80 crore) for the next two years as guarantee money for player payments in case the franchise participates in the league. The other important condition the Court asked Punjab to fulfil was to pay the BCCI $3.5 million (approximately Rs. 13 crore) per year for a period of two years, as security towards any damage incurred by the board in case the final verdict went against Punjab later on..Termination was a result of Kings XI Punjab restructuring their ownership pattern twice in May and June of 2008. This was the core reason for their termination resulting in an expulsion from the BCCI..Bar & Bench had first reported in October, of Kings XI Punjab moving to Court on account of its termination.
The Bombay High Court has granted Kings XI Punjab interim stay, on the termination of the franchisee agreement by the Board of Control for Cricket in India (BCCI) that has barred the team from playing in the IPL (Indian premier League)..The Bombay High Court has granted Kings XI Punjab interim stay, on the termination of the franchisee agreement by the Board of Control for Cricket in India (BCCI) that has barred the team from playing in the IPL (Indian premier League)..O.P. Khaitan & Co. is representing Kings XI Punjab with a team led by Partner Gautam Khaitan. Speaking to Bar & Bench, Partner Gautam Khaitan said, “Matter being sub-judice, we prefer not to make any comment”..Amarchand Mangaldas is representing the BCCI with a team led by Partner Sharad Mathkar..Judge S.J. Vajifdar while granting interim stay stated, “that prima facie Punjab had a strong case against the expulsion and the interim injunction was only just. The franchise cannot change its shareholding pattern and the control should rest in the hands of the four main owners i.e. Ness Wadia, Preity Zinta, Mohit Burman and Karan Paul”..The Court also said that these four needed to hold not less than 51 percent of the shares in KPH Dream Cricket Pvt. Ltd – the rights holding company of the franchise until the final judgement, reports the Midday..The NDTV reports, in the interim Kings XI Punjab will have to submit various guarantees to the Court and the BCCI. The first is clearing the pending payments to its players over the last two years, an amount of Rs. 35 crore ($7.77 million). And now, since the franchise is free to re-enter the IPL arena, the court has asked it to commit an amount of $18 million (approximately Rs. 80 crore) for the next two years as guarantee money for player payments in case the franchise participates in the league. The other important condition the Court asked Punjab to fulfil was to pay the BCCI $3.5 million (approximately Rs. 13 crore) per year for a period of two years, as security towards any damage incurred by the board in case the final verdict went against Punjab later on..Termination was a result of Kings XI Punjab restructuring their ownership pattern twice in May and June of 2008. This was the core reason for their termination resulting in an expulsion from the BCCI..Bar & Bench had first reported in October, of Kings XI Punjab moving to Court on account of its termination.