Just a few hours before the deadline for providing a Rs. 100 crore bank guarantee, Deccan Chronicles Holdings Ltd (DCHL) confirmed its sale to the Mumbai-based Kamla Landmarc Real Estate Holdings Private Limited.
Nothing about the money paid had been disclosed. The real-estate comany is a low-profile developer, and has not been heard of until now. The company's website says that it was started in the year 1974 wih Ramesh C as its chairman, and Shivram Dalvi, who is a two-time MLA of the NCP, as its vice-chairman.
DCHL, however, failed to furnish the Board of Control for Cricket in India (BCCI) with a bank guarantee of Rs. 100 crore to save its team from termination. DCHL sought for an extension for the same from the Bombay High Court, which was rejected since the High Court had already given it an extension from October 9 to 12.
Meanwhile, as per the High Court's order, the BCCI is free to take its decision on the termination of the IPL contract of the 2009 champions.
Earlier the BCCI had terminated the IPL contract with the Hyderabad franchise, which later challenged its termination at the Bombay High Court in September.
On September 26, the court had appointed retired Supreme Court judge C K Thakkar as an arbitrator to resolve the issue between BCCI and DCHL within 3 months. However, sources say that the BCCI has terminated the IPL contract of DCHL.