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Deccan Chargers Terminated From IPL Even As Kamla Landmarc Acquires The Franchise

Deccan Chronicle Holdings' IPL franchise, Deccan Chargers have been terminated from the Indian Premier League as its owners failed to furnish a Rs 100 crore bank guarantee to the BCCI, according to a PTI report (via The Times of India). The High Court appointed arbitrator, declared a status quo on the matter till 17th October, but the BCCI challenged the order on Saturday, 14th October, in the Bombay High Court which has put a stay on it, as reported by The Hindu. The BCCI has now floated a new tender for a fresh franchise, which also include Hyderabad, the city where Deccan Chargers was based. On 12th October, Deccan Chronicle Holdings, had sold the franchise to Kamla Landmarc Real Estate Holdings, a real estate company. Deccan Chronicle Holdings mentioned in a filing with the Bombay Stock Exchange that the company's board was authorised to sell, transfer/ dispose off the Deccan Chargers Franchise  to Kamla Landmarc Real Estate Holdings Private Limited, but that the deal was subject to the approval of the shareholders of the Company and of concerned authorities, lenders and other third parties. Deccan Chronicle holdings had bought the franchise for Rs 428 crore in 2008. Here's a timeline on the BCCI vs Deccan Chargers saga: June 2012: Plagued by financial troubles, Deccan Chronicle had first announced in June, this year, that multiple parties had expressed interest in acquiring a stake in Deccan Chargers, following which it had appointed Religare Capital Markets as advisers. 7th September: A tender was formally floated by Deccan Chronicle…

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