Supervisor appointed for Deccan Chargers auction
The Bombay High Court has appointed a court officer, MD Narvekar, to supervise the auction of the IPL franchise Deccan Chargers on September 13 in Chennai. The franchise is up for sale after its owner Deccan Chronicle Holdings Limited (DCHL) suffered financial losses.
The ruling was made after Tata Capital Financial Services, to which DCHL owed Rs.101 crore ($18 million approximately), had filed a petition with the High Court to protect its interests in view of the dues. The High Court also stated the sale proceeds from the auction would have to be deposited in ICICI bank and that the…
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