The controversial IPL franchise, Kochi Tuskers Kerala, suffered another setback on Wednesday when the Bombay High Court quashed its plea seeking to restrain the Board of Control for Cricket in India (BCCI) from encashing its bank guarantee of R156 crore. The franchise is alleged to have defaulted on the annual payment despite reminders by IPL authorities.
Kochi Tuskers Kerala moved the court on the matter on Wednesday morning, but their plea was rejected after a hearing in the afternoon. The Kochi team had contested the allegation that it had defaulted on the payment. The contract was won with a bid of R1,550 crore in 2010, and the consortium was supposed to make the payment over a 10-year period.
The court development has taken place in the wake of a motley group of Keralites, including film director Priyadarshan and Middle-East-based businessman Ravi Pillai, trying to pick up stake in the cricket team. By buying a stake in the Kochi Cricket Pvt Ltd, which owns the Tuskers, the group led by Ravi Pillai is trying to anchor the team to Kochi and negotiate with BCCI for its revival. The present management was trying to shift the base location from Kochi to Ahmedabad with the lack of viewership being cited as one of the reasons.
Ravi Pillai was in news recently after he brought Hotel Leela Kovalam for R500 crore from the Leela Group. Director and producer Priyadarshan had unsuccessfully tried in 2010 to bid for a team.
He, along with Malayalam film star Mohanlal, had expressed their intentions to participate in the IPL bid in 2010. They duo later backed out in the face of intense competition from big corporates.