Mumbai 13 October 2012: In a dramatic turn around happened in the Indian cricket scenario, the IPL franchise Deccan Chargers was terminated from the league as the owners failed to furnish the bank guarantee sought by the Mumbai High Court.
The High Court has asked for a bank guarantee of Rs. 100 crore from the team to be submitted to the BCCI to retain the franchise. The team which was owned by publishing firm Deccan Chronicle has won the IPL edition in 2009 when the tournament was shifted to South Africa.
Meanwhile the team authorities has said that the franchise has been sold to Mumbai based real estate firm Kamla Landmarc promoted by Ramesh Jain. As per the notice available in the Bombay Stock Exchange "Deccan Chronicle Holdings Ltd has informed the BSE that pursuant to its meeting of the board of directors held on October 11, 2012, it was resolved to authorise the board of directors to sell, transfer or dispose of the Deccan Chargers franchise business undertaking or business division of the company to Kamla Landmarc Real Estate Holdings. The above resolution of the board has been passed subject to the approval of the shareholders of the company"