Reports : BCCI to step up actions to resolve Kochi Tuskers row
BCCI officials are looking to settle the dispute with Kochi Tuskers, the IPL franchise which was terminated in September 2011, as the liability keeps increasing day by day. Tuskers made their debut in 2011, but an internal dispute resulted in them being kicked out of the Indian Premier League.
Kochi Tuskers were awarded entry into India's premier tournament along with Pune Warriors India in 2011. Kochi Tuskers were ousted from the IPL after the franchise failed to submit the 10% bank guarantee of the total franchise fees ahead of the 2012 season. According to the BCCI, they sent several reminders to the franchise but didn’t get a proper response which resulted in the termination of the franchise.
In 2015, Justice Lahoti, a court-appointed arbitrator, ordered the Indian board to shell out ₹550 crore as compensation but the Indian board refused at that time. However, now, the BCCI appears to have rethought their stance and want to resolve the pending issue as soon as possible. The problem now, according to a Pune Mirror report, is that the dues have been increased to over ₹1500 crore including the interest over the last few years.
According to unofficial sources, the daily interest (compound) for the team is around Rs 75 lakh and the monthly amount is over Rs 22 crore. On the other hand, BCCI
BCCI tried to reach the Kochi owners in the recent times to settle the issue. Officially and unofficially, the key members of BCCI have met the Kochi owners but the saga never reached a conclusion. The Kochi owners wanted to come back to the tournament, but the BCCI outright rejected the proposal.
The report also suggested that there is a good chance that the issue would discussed in the Committee of Administrators meeting which will be held today.
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