OTF Exclusive BCCI to pay 800 Crores to Kochi Tuskers as Compensation

[Jithin91]

The BCCI is set to pay a huge compensation of more than Rs 800 crore to disbanded IPL franchise Kochi Tuskers Kerala for terminating their contract in 2011

IPL chairman Rajiv Shukla said after the meeting

Kochi Tuskers has demanded Rs 850 crore as compensation. Today we discussed the matter at IPL GC meeting and we will now place the matter before general body. Let them take a call but obviously some negotiations are needed

Kochi Tuskers owners in 2015 had won an arbitration challenging BCCI decision to encash bank guarantee citing breach of contractual agreement. The RC Lahoti headed panel had directed BCCI to pay Rs 550 crore as compensation with 18 percent annual penalty on failing to do so.

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.

It was one man's obstinacy that is now costing us a bomb. Had Shashank not taken that decision, we could have worked our way out. In fact, before Kochi went to arbitration, they had asked for a compensation of Rs 300 crore. Even then our officials showed arrogance and now we will be forced to shell out more than double

BCCI Decides to Pay Huge Compensation to Kochi Tuskers

 

[Nikhil3]

Gud now this looters lose manythings on this way

 

[ABCDEFGH]

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