Reportable in the High Court of Judicature at Bombay

Total Page:16

File Type:pdf, Size:1020Kb

Reportable in the High Court of Judicature at Bombay WWW.LIVELAW.IN Board of Control for Cricket in India vs Deccan Chronicle Holding Ltd CARBPL-4466-20-J.docx GP A/W AGK & SSM REPORTABLE IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMM ARBITRATION PETITION (L) NO. 4466 OF 2020 Board of Control for Cricket in India, a society registered under the Tamil Nadu Societies Registration Act 1975 and having its head office at Cricket Centre, Wankhede Stadium, Mumbai 400 020 … Petitioner ~ versus ~ Deccan Chronicle Holdings Ltd, a company incorporated under the Companies Act 1956 and having its registered office at 36, Sarojini Devi Road, Secunderabad, Andhra Pradesh … Respondent appearances Mr Tushar Mehta, Solicitor General, with FOR THE PETITIONER Samrat Sen, Kanu Agrawal, Indranil “BCCI” Deshmukh, Adarsh Saxena, Ms R Shah and Kartik Prasad, Advocates i/b Cyril Amarchand Mangaldas Page 1 of 176 16th June 2021 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 17:38:08 ::: WWW.LIVELAW.IN Board of Control for Cricket in India vs Deccan Chronicle Holding Ltd CARBPL-4466-20-J.docx Mr Haresh Jagtiani, Senior Advocate, with Mr Navroz Seervai, Senior Advocate, FOR THE RESPONDENT Mr Sharan Jagtiani, Senior Advocate, “DCHL” Yashpal Jain, Suprabh Jain, Ankit Pandey, Ms Rishika Harish & Ms Bhumika Chulani, Advocates i/b Yashpal Jain CORAM : GS Patel, J JUDGMENT RESERVED ON : 12th January 2021 JUDGMENT PRONOUNCED ON : 16th June 2021 JUDGMENT: OUTLINE OF CONTENTS This judgment is arranged in the following parts. A. INTRODUCTION ........................................................................ 4 B. THE CHALLENGE IN BRIEF; SUMMARY OF CONCLUSIONS................................................ 6 C. THE AMBIT OF SECTION 34 .................................................. 10 D. THE FRANCHISE AGREEMENT OF 10TH APRIL 2008 ...................................................................... 17 E. RELEVANT DATES AND EVENTS ........................................ 31 F. OPERATIVE PORTION OF THE AWARD ............................. 64 G. BRIEF ANALYSIS OF THE AWARD ....................................... 66 H. THE AWARD’S FINDINGS ON THE VALIDITY OF THE TERMINATION: RIVAL ARGUMENTS CONSIDERED ...................................................................... 77 (1) Necessity of a “show-cause notice” .................................. 77 Page 2 of 176 16th June 2021 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 17:38:08 ::: WWW.LIVELAW.IN Board of Control for Cricket in India vs Deccan Chronicle Holding Ltd CARBPL-4466-20-J.docx (2) Premature Termination ..................................................... 86 (3) Substantial Compliance ..................................................... 91 (a) Players’ Fees ........................................................... 92 (b) Bank Charges ........................................................ 100 (c) Charge on franchise vs charge on its receivables ................................................... 108 (d) The concept of ‘substantial compliance’ ............. 109 (4) No Insolvency Event ........................................................ 112 (5) Unfair Discrimination ...................................................... 116 (a) No pleading ............................................................ 117 (b) Finding outside the contract ................................. 122 (c) The contract required BCCI to pay DCHL’s players’ dues .......................................... 124 (d) Public law principles in arbitral decision-making .................................................... 127 (e) The Arbitrator as ‘amiable compositeur’: decision ex aequo et bono ........................................ 132 (6) Reddy’s letter of 29th August 2012 obtained by duress ........................................................... 134 (7) Remaining findings on termination.................................. 140 I. DAMAGES AWARDED: RIVAL ARGUMENTS CONSIDERED .................................................................... 142 (1) Specific performance & damages in lieu of specific performance .................................................... 142 (2) Damages awarded ............................................................ 155 J. DCHL’S ATTEMPT TO FURNISH REASONS FOR THE AWARD IS IMPERMISSIBLE ............................... 168 K. INTEREST .................................................................... 173 L. FINAL ORDER & COSTS IN THESE PROCEEDINGS .................................................................... 174 For convenience, the soft copy in PDF of this judgment is bookmarked. Page 3 of 176 16th June 2021 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 17:38:08 ::: WWW.LIVELAW.IN Board of Control for Cricket in India vs Deccan Chronicle Holding Ltd CARBPL-4466-20-J.docx A. INTRODUCTION 1. The Board of Control for Cricket in India (“BCCI”) is the game’s governing body in India. It is vastly influential across the cricketing world and is said to be the wealthiest such board globally. 2. In this Petition under Section 34 of the Arbitration & Conciliation Act, 1996, BCCI takes exception to a 17th July 2020 award by a learned Sole Arbitrator. 3. BCCI was the respondent in arbitration. The claimant was Deccan Chronicle Holdings Ltd (“DCHL”), the publisher of the Deccan Chronicle, an English daily newspaper with eight editions widely circulated across South India. It also publishes the Asian Age, an English newspaper with editions in major Indian metros and London, and the Financial Chronicle, a financial daily. DCHL also operated a cricketing franchise in the Indian Premier League (“IPL”) and owned the Deccan Chargers team. 4. By the impugned award, the learned Sole Arbitrator directed BCCI to pay DCHL: (i) Rs 4814,17,00,000/- (Rupees Four Thousand Eight Hundred and Fourteen Crores and Seventeen Lakhs); (ii) Interest on this amount at 10% per annum from the date of the arbitration proceedings; and (iii) Rs. 50,00,000 (Rupees Fifty Lakhs) in costs. Page 4 of 176 16th June 2021 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 17:38:08 ::: WWW.LIVELAW.IN Board of Control for Cricket in India vs Deccan Chronicle Holding Ltd CARBPL-4466-20-J.docx 5. Conceived in 2007, the IPL arguably changed the face of cricket in India forever. It is a cricket league in the Twenty20 or T20 format. Eight teams contest. Team players are drawn from across the cricketing world, not just India. It is usually held between March and May of each year. Reportedly, it is the most-attended cricket league ever, anywhere. So far, there have been thirteen seasons; the fourteenth was interrupted by the recent lockdown. The usual format is a round-robin home-and-away format in the league phase. After that are the playoffs, then two qualifying matches and an eliminator match. Participating teams ‘acquire’ players — for mind-boggling amounts — in different ways. There is an annual player auction — the possibility of ‘trading’ players during defined time windows (two before the auction, one after but before the tournament) and signing up replacements for unavailable players. At the auction, players sign up and set their base price. They are then ‘bought’ by the highest- bidding franchise. Some remain ‘unsold’. These can be signed up as replacements. Trading happens only with the player’s consent (and payment of the differential, if any, between the old and new contracts) — if the new contract has a higher value, the player gets a share in the difference. Other rules operate: each squad must have between 18 and 25 players with a maximum of eight overseas players and only four in the playing eleven. There is a cap to the salary of the entire squad. Under-19 players are eligible only if they have played first-class cricket. 6. There are eight teams in play today, owned by different franchises. Over time, five others fell by the wayside, DCHL’s Deccan Chargers among them. It was one of the original eight teams. It debuted in 2008 and was dissolved in 2012. Kochi Tuskers Kerala, Page 5 of 176 16th June 2021 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 17:38:08 ::: WWW.LIVELAW.IN Board of Control for Cricket in India vs Deccan Chronicle Holding Ltd CARBPL-4466-20-J.docx Pune Warriors India, Rising Pune Supergiant and Gujarat Lions all collapsed between 2011 and 2018. 7. BCCI had agreements with every franchise. DCHL’s Franchise Agreement is dated 10th April 2008. The reciprocal rights and obligations in this contract are the matters in dispute. B. THE CHALLENGE IN BRIEF; SUMMARY OF CONCLUSIONS 8. Appearing for BCCI, Mr Mehta, the learned Solicitor-General, assails the Award on several distinct grounds, including— 8.1 Some findings and conclusions in the Award fit the legal definition of ‘perversity’ as part of ‘patent illegality’— it was and is impossible for anyone to arrive at such conclusions; 8.2 Some conclusions are entirely bereft of reasons — again, a dimension of patent illegality. 8.3 The Award takes into account wholly irrelevant material, including material not on record; 8.4 The Award travels well beyond the contract. 8.5 In places, the Award attempts to rewrite provisions of the contract. 8.6 The Award purports to do that which the Arbitration Act says in Section 28(2) no arbitral tribunal can do, in that it decides ex aequo et bono or amiable compositeur, Page 6 of 176 16th June 2021 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 17:38:08 ::: WWW.LIVELAW.IN Board of Control for Cricket in India vs Deccan Chronicle Holding
Recommended publications
  • Bombay High Court
    2007 Bombay High Court 2007 JANUARY FEBRUARY MARCH APRIL S 7142128 S 4111825S 4111825S 1 8 15 22 29 M 1 8152229 M 51219 26 M 51219 26 M 2 9 16 23 30 T 2 9162330 T 6132027 T 6132027 T 3101724 W 3 10 17 24 31 W 7142128 W 7142128W 4111825 T 4 11 18 25 T 1 8 15 22 T 1 8 15 22 29 T 5121926 F 5 12 19 26 F 2916 23 F 2 9 16 23 30 F 6 13 20 27 S 61320 27 S 31017 24 S 3 10 17 24 31 S 7 14 21 28 1. Sundays, Second & Fourth Saturdays and other Holidays are shown in red. MAY 2. The Summer Vacation of the Court will commence on Monday the 7th May, JUNE S 6132027 2007 and the Court will resume its sitting on Monday the 4th June, 2007. S 3101724 3. The court will remain closed on account of October Vacation from 5th M 7142128 November to 18th November, 2007. M 4111825 T 1 8 15 22 29 4. Christmas Vacation from 24th December, 2007 to 6th January, 2008. T 5121926 5. Id-uz-Zuha, Muharram, Milad-un-Nabi, Id-ul-Fitr and Id-uz-Zuha W 2 9 16 23 30 respectively are subject to change depending upon the visibility of the W 6132027 T 3 10 17 24 31 Moon. If the Government of India declares any change in these dates through T 7142128 TV/AIR/Newspaper, the same will be followed. F 4 11 18 25 6.
    [Show full text]
  • The High Court at Bombay (Extension of Jurisdiction to Goa, Daman and Diu) Act, 1981 Act No
    THE HIGH COURT AT BOMBAY (EXTENSION OF JURISDICTION TO GOA, DAMAN AND DIU) ACT, 1981 ACT NO. 26 OF 1981 [9th September, 1981.] An Act to provide for the extension of the jurisdiction of the High Court at Bombay to the Union territory of Goa, Daman and Diu, for the establishment of a permanent bench of that High Court at Panaji and for matters connected therewith. BE it enacted by Parliament in the Thirty-second Year of the Republic of India as follows:— 1. Short title and commencement.—(1) This Act may be called the High Court at Bombay (Extension of Jurisdiction to Goa, Daman and Diu) Act, 1981. (2) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint. 2. Definitions.—In this Act, unless the context otherwise requires,— (a) “appointed day” means the date on which this Act comes into force; (b) “Court of the Judicial Commissioner” means the Court of the Judicial Commissioner for Goa, Daman and Diu. 3. Extension of jurisdiction of Bombay High Court to Goa, Daman and Diu.—(1) On and from the appointed day, the jurisdiction of the High Court at Bombay shall extend to the Union territory of Goa, Daman and Diu. (2) On and from the appointed day, the Court of the Judicial Commissioner shall cease to function and is hereby abolished: Provided that nothing in this sub-section shall prejudice or affect the continued operation of any notice served, injunction issued, direction given or proceedings taken before the appointed day by the Court of the Judicial Commissioner, abolished by this sub-section, under the powers then conferred upon that Court.
    [Show full text]
  • Balance Sheet Merge Satistics & Color Bitmap.Cdr
    MADHYA PRADESH CRICKET ASSOCIATION Holkar Stadium, Khel Prashal, Race Course Road, INDORE-452 003 (M.P.) Phone : (0731) 2543602, 2431010, Fax : (0731) 2534653 e-mail : [email protected] Date : 17th Aug. 2011 MEETING NOTICE To, All Members, Madhya Pradesh Cricket Association. The Annual General Body Meeting of Madhya Pradesh Cricket Association will be held at Holkar Stadium, Khel Prashal, Race Course Road, Indore on 3rd September 2011 at 12 Noon to transact the following business. A G E N D A 1. Confirmation of the minutes of the previous Annual General Body Meeting held on 22.08.2010. 2. Adoption of Annual Report for 2010-2011. 3. Consideration and approval of Audited Statement of accounts and audit report for the year 2010-2011. 4. To consider and approve the Proposed Budget for the year 2011-2012. 5. Appointment of the Auditors for 2011-2012. 6. Any other matter with the permission of the Chair. (NARENDRA MENON) Hon. Secretary Note : 1. If you desire to seek any information, you are requested to write to Hon. Secretary latest by 28th Aug. 2011. 2. The Quorum for meeting is One Third of the total membership. If no quorum is formed, the Meeting will be adjourned for 15 minutes. No quorum will be necessary for adjourned meeting. The adjourned meeting will be held at the same place. THE MEETING WILL BE FOLLOWED BY LUNCH. 1 MADHYA PRADESH CRICKET ASSOCIATION, INDORE UNCONFIRMED MINUTES OF ANNUAL GENERAL BODY MEETING HELD ON 22nd AUGUST 2010 A meeting of the General Body of MPCA was held on Sunday 22nd Aug’ 2010 at Usha Raje Cricket Centre at 12.00 noon.
    [Show full text]
  • Table of Contents
    www.toprankers.com Table of Contents 01. INTERNATIONAL NEWS 02. NATIONAL NEWS 03. SPORTS 04. SCIENCE AND TECHNOLOGY 05. OBITUARY 06. APPOINTMENTS AND RESIGNATIONS 07. IMPORTANT DAYS 08. SUMMITS AND MOU’S 09. AWARDS AND RECOGNITION 10. RANKING 11. BOOKS AND AUTHORS 12. BANKING AND ECONOMY www.toprankers.com INTERNATIONAL NEWS India, Netherlands sign agreement to support decarbonisation NITI Aayog of India and the Embassy of the Netherlands in New Delhi have signed a Statement of Intent on September 28, 2020 to support decarbonisation and energy transition agenda in order to accommodate cleaner energy. The main objective of the partnership is to co-create innovative technological solutions. The SoI was signed by NITI Aayog CEO Amitabh Kant and Ambassador of the Netherlands to India Marten van den Berg. India extends $1 bn credit line to Central Asian countries The second meeting of the India-Central Asia Dialogue was held virtually, under the chairmanship of the External Affairs Minister of India Dr S Jaishankar. The foreign minister of all the five Central Asian countries- Kazakhstan, Tajikistan, Turkmenistan, Uzbekistan, and Kyrgyzstan– participated in the meeting. During the meeting, India announced US $1 billion line of credit for “priority developmental projects” in Central Asian countries in the fields of connectivity, energy, IT, healthcare, education, agriculture and offered to provide grant assistance for implementation of High Impact Community Development Projects (HICDP) for furthering socio-economic development in the countries of the region. Apart from this, the Acting Foreign Minister of the Islamic Republic of Afghanistan also attended the meeting as a special invitee. The first India-Central Asia Dialogue was held in Uzbekistan’s Samarkand in 2019.
    [Show full text]
  • Political News Election
    HTTP://WWW.UPSCPORTAL.COM POLITICAL NEWS ELECTION COMMISSION AT 60 After overseeing 15 general elections to the Lok Sabha, the Election Commission of India, in its diamond jubilee year, can with justifiable pride claim to have nursed and st rengthened the electoral processes of a nascent democracy. The successes have not been consiste nt or uniform, but over the last six decades the ECI managed to make the worlds largest democratic p rocess freer and fairer. One of the instruments of this success is surely the Model Code of C onduct. D esigned to offer a level playing field to all political parties, it has been used to neu tralise many of the inherent advantages of a ruling party in an election. Although the model code wa s originally based on political consensus and does not still enjoy statutory sanction, it served as a handy tool for placing curbs on the abuse of the official machinery for campaigning. While ther e have been complaints of excess in the sometimes mindless application of the model code, th e benefits have generally outweighed the costs. After the Election Commission was made a three-member body, its functioning beca me more institutionalised and more transparent with little room for the caprices of an o verbearing personality. The diamond jubilee is also an occasion for the ECI to look at the challenges ah ead, especially those relating to criminalisation of politics and use of money power in elections. Neither of these issues is new. What is clear is that the efforts of the Commission to t ackle them have generally lacked conviction and have not yielded any significant results.
    [Show full text]
  • In the High Court of Judicature at Bombay
    IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION \9 NOTICE OF MOTION(NO.S2J"OF 2018 IN WRIT PETITION NO. 1286 OF 2018 Mumbai Cricket Association. ... Applicant (Original Respondent No.1) In the matter between NadimMemon ... Petitioner VERSUS Mumbai Cricket Association &Ors ... Respondents. INDEX Date Exh.No. Particulars Page No. Proforma Notice of Motion 1-8 Affidavit in support of Notice of . 9-15 Motion ". , 6/4/2018. A. Copy of order. 16-2~ 2/5/2018 B. News paper report in Times ofIndia 23 2/5/2018 C. Copy of Minutes of Committee of 24 Administrators of Respondent No.1 ~ IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO. OF 2018 IN WRIT PETITION NO. 1286 OF 2018 Mumbai Cricket Association, a public ) Trust registered under the provisions of ) Bombay public trust Act, 1950 as also a ) Society registered under the provision of the ) Societies Registration Act, 1860 having its ) Office at Cricket Center, Wankhede Stadium, ) Churchgate Mumbai- 400020. ) .. '" Applicant (Original Respondent No.1) In the matter between:- Nadim Memon, an adult Indian Inhabitant ) Occupation ;- Business having his address at ) 22, Rustom Sidwa Marg, Fort, Mumbai - 400 001 ) ... Petitioner Vis 1) Mumbai Cricket Association, a public ) Trust registered under the provisions of ) Bombay public trust Act, 1950 as also a ) Society registered under the provision of the ) Societies Registration Act, 1860 having its ) Office at Cricket Center, Wankhede Stadium, ) Churchgate Mumbai- 400020. ) v 2) Wizcraft International Entertainment Pvt. Ltd. ) A company registered under the Companies Act, 1956 ) Having its registered office at Satyadev Plaza, ) 5th Floor, Fun Republic Lane, Off.
    [Show full text]
  • Professional Sports Leagues Around the World and Sports Became a Business with Owners of Sports Teams on Lines Similar to Owners of Companies
    EAMSA 2015 Competitive Paper 1. Introduction: Elite sports, the way we know it, have had a large fan following for more than a 100 years. The modern Olympics starting in 1896 was a turning point in organized elite sports across different types of sporting events. As the Olympics have evolved they have taken in more sports under its umbrella. Individual sports have had their own specialized events at regular intervals. These include the annual Wimbledon tennis tournament that started in 1877 and the Football World Cup held every four years that had its first edition in 1930. Initially elite sports people were amateurs for whom sports was a past time and not a profession. Over the years professionalization of sports took place as sports people converted what used to be a past time into a full-fledged profession. This led to the formation of a large number of professional sports leagues around the world and sports became a business with owners of sports teams on lines similar to owners of companies. Sports as a business opened up different ways to monetize the purchasing power of sports fans and led to the creation of a variety of different revenue models. The advent of professional sports leagues happened in Europe and North America. Europe developed professional sports leagues in football that included the English Premier League (EPL), La Liga in Spain, Bundesliga in Germany and Serie A in Italy. In North America the professional sports leagues revolved around the sports popular in that part of the world. These included Major League Baseball (MLB), National Basketball Association (NBA), National Football League (NFL), and National Hockey League (NHL).
    [Show full text]
  • A Case Study on Deccan Chronicle Holdings Limited: a Tragic Story Of
    A CaseStudyonDeccanChronicleHoldingsLimited: A TragicStoryofaPublisher SecondEditionofJIDNYASA : ThirstforKnowledge2014 A CaseStudyonDeccanChronicleHoldingsLimited: A TragicStoryofaPublisher WhyFDIinRetail? A StudywithReferencetoSelectStakeholders A CaseStudyonDeccanChronicleHoldingsLimited: A TragicStoryofaPublisher Prof.SwatiKhatkale (AssistantProfessor,SymbiosisSchoolofBankingManagement) Abstract and converted into a daily. In 1976, congress While celebrating its platinum jubilee (75 years of politician and businessman T Chandrashekhar establishment), Deccan Chronicle Holdings Limited Reddy acquired the company. T C Reddy had a (DCHL) faced a gamut of problems. DCHL, one of variety of businesses like bottling plants, aluminum the top English Newspaper Publishing House in foil, hotels etc. His son, Mr. VenkattaramReddy took Southern India, recently ventured into other over as the chairman of the family business at the age businesses like IPL franchise -Deccan Chargers & of 21. He had Diploma in Printing Technology and Life Style Retail-Odyssey . Mismanagement and was well versed with printing & publishing business. unrelated diversification led to default on its non- But he was more known for his extravagant style of convertible debentures. It faced legal action from having expensive cars, fine cigars and keen interest banks & other financial institutions for non- in horserace bidding. His brother, Mr. Vinayak Ravi repayment of debt and misrepresentation of balance Reddy was co chairman of the company. Mr. sheet. Kotak Mahindra Bank even took actual Vankattaram Reddy's wife, Manjula Reddy worked possession of its Hyderabad based Kodapur plant as senior features editor and their daughter Gayatri under SARFASIAct 2002. This case goes into depth Reddy as features editor. Their son T Vijay Reddy to find out the causes of financial distress. It also was the Vice President (finance) of the company. illustrates various options available to bankers & other financial institutions to recover its loan.
    [Show full text]
  • LAW MANTRA THINK BEYOND OTHERS (I.S.S.N 2321- 6417 (Online) Ph: +918255090897 Website: Journal.Lawmantra.Co.In E-Mail: [email protected] [email protected]
    LAW MANTRA THINK BEYOND OTHERS (I.S.S.N 2321- 6417 (Online) Ph: +918255090897 Website: journal.lawmantra.co.in E-mail: [email protected] [email protected] INGRESSION OF WOMEN IN PLACES OF WORSHIP AN EQUALITY DIMENSION Abstract:- The bans such as women’s entry into temples involve notions and norms which directly clash with ideas of modernity and are also incompatible with rights enshrined in the Constitution. In a secular country like India, which promises to protect the rights of its citizens to practice religion and faith of his or her choice, rulings such as banning menstruating women to enter places of worship by priests are a violation of their rights. Women’s groups and organizations have come forward and challenged this whole notion of “purity-impurity” and are protesting against this unjust ruling by the temple heads in the name of god, religion, culture and practices. It seems that there is an increasing interest and inclination towards religion, and worship of gods and goddesses in recent years. This paper brings to limelight the violative provisions of law as a result of this unjust practice. Further, the paper will contrast certain cases with judicial responses on the related issues. Introduction: Human Rights these days is the most commonly debated topic, be it nationally or internationally. Those are rights that an individual possesses by virtue of being human and when the term human is used it should include both men as well as women, because it has become immensely important to understand that women also have these human rights because gender equality is there in the very core concept of human rights.
    [Show full text]
  • Markets Today Key Overnight Developments Must Know…
    15 October 2012 MARKETS TODAY WORLD INDICES & INDIAN ADRs (US$) 12-Oct-12 Domestic equities are seen opening down today amid weak cues from Latest Points % Chg. overseas markets, though Sept inflation data, due at around 1100 IST, will NIKKEI 225 * 8535.7 1.6 0.0 lend more cues to investors. Also, corporate earnings release will keep action HANG SENG * 21099.3 (37.1) (0.2) stock-specific. Resistance is seen at 5692 levels & support is seen at 5649 DOWJONES 13328.9 2.5 0.0 NASDAQ 3044.1 (5.3) (0.2) levels. Result Watch: Axis Bank, Reliance Industries. Data Watch: India WPI SGX NIFTY FUT* 5677.0 (17.0) (0.3) inflation data for Sept. INFY 44.5 (3.7) (7.6) KEY OVERNIGHT DEVELOPMENTS HDFC BANK 37.5 (0.3) (0.7) Wall street ended down Fri, erasing intraday losses, as renewed Eurozone ICICI BANK 39.5 (0.6) (1.4) TATA MOTORS 25.6 (0.2) (0.6) concerns overshadowed strong Oct consumer confidence data. Most Asian WIPRO 8.6 (0.1) (1.0) indices fell today on cautious investor sentiment ahead of an European Union TATA COMM. 9.5 0.0 0.4 summit in Brussels, where Greece will seek to justify more aid and Spain will * At 08:20 a.m. IST on 15-Oct-12 hold out on seeking a bailout. Gold shed 0.7% to close at $1754.50 per ounce. Crude oil shed 0.2% to close at $91.90 per barrel. MUST KNOW…. India's annual inflation rate based on the new Consumer Price Index EQUITY 12-Oct-12 (Combined) eased to a six-month-low of 9.73% in Sept from 10.03% a Latest 1 Day P/E* P/B* SENSEX 18,675.2 0.2 16.0 2.7 month ago.
    [Show full text]
  • Reportable in the High Court of Judicature at Bombay
    Board of Control for Cricket in India vs Deccan Chronicle Holding Ltd CARBPL-4466-20-J.docx GP A/W AGK & SSM REPORTABLE IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMM ARBITRATION PETITION (L) NO. 4466 OF 2020 Board of Control for Cricket in India, a society registered under the Tamil Nadu Societies Registration Act 1975 and having its head office at Cricket Centre, Wankhede Stadium, Mumbai 400 020 … Petitioner ~ versus ~ Deccan Chronicle Holdings Ltd, a company incorporated under the Companies Act 1956 and having its registered office at 36, Sarojini Devi Road, Secunderabad, Andhra Pradesh … Respondent appearances Mr Tushar Mehta, Solicitor General, with FOR THE PETITIONER Samrat Sen, Kanu Agrawal, Indranil “BCCI” Deshmukh, Adarsh Saxena, Ms R Shah and Kartik Prasad, Advocates i/b Cyril Amarchand Mangaldas Page 1 of 176 16th June 2021 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 20:04:41 ::: Board of Control for Cricket in India vs Deccan Chronicle Holding Ltd CARBPL-4466-20-J.docx Mr Haresh Jagtiani, Senior Advocate, with Mr Navroz Seervai, Senior Advocate, FOR THE RESPONDENT Mr Sharan Jagtiani, Senior Advocate, “DCHL” Yashpal Jain, Suprabh Jain, Ankit Pandey, Ms Rishika Harish & Ms Bhumika Chulani, Advocates i/b Yashpal Jain CORAM : GS Patel, J JUDGMENT RESERVED ON : 12th January 2021 JUDGMENT PRONOUNCED ON : 16th June 2021 JUDGMENT: OUTLINE OF CONTENTS This judgment is arranged in the following parts. A. INTRODUCTION ........................................................................ 4 B. THE CHALLENGE IN BRIEF; SUMMARY OF CONCLUSIONS................................................ 6 C. THE AMBIT OF SECTION 34 .................................................. 10 D. THE FRANCHISE AGREEMENT OF 10TH APRIL 2008 .....................................................................
    [Show full text]
  • (Often Abbreviated As IPL) Is a Domestic Professional League for Twenty20 Cricket Competition in India
    INDIAN PREMIER LEAGUE The Indian Premier League (often abbreviated as IPL) is a domestic professional league for Twenty20 cricket competition in India. It was initiated by the Board of Control for Cricket in India (BCCI) headquartered in Mumbai[3][4] supervised by BCCI Vice President Chirayu Amin, current chairman & commissioner of IPL, and CEO, Sundar Raman. It currently contested by 10 teams (franchises) consisting of players from different countries. It was started after an altercation between the BCCI and the Indian Cricket League.[5] In 2010, IPL became the first sporting event ever to be broadcast live on YouTube. It is estimated that the average salary of an IPL player over a year would be $3.84 million.[9]And now it is going to held 4th session .other session are as follows. FIRST SESSION The inaugural season of the tournament started on 18 April 2008 and lasted for 46 days with 59 matches scheduled, out of which 58 took place and 1 was washed out due to rain. The final was played in DY Patil Stadium, Nerul, Navi Mumbai. Every team played each other both at home and away in a round robin system. The top four ranking sides progressed to the knockout stage of semi-finals followed by a final. Rajasthan Royals defeated Chennai Super Kings in a last ball thriller and emerged as the inaugural IPL champions. SECOND SESSION The 2009 season coincided with the general elections in India. Owing to concerns regarding players' security, the venue was shifted to South Africa. The format of the tournament remained same as the inaugural one.
    [Show full text]