Mumbai: The Bombay High Court on Tuesday quashed the BCCI's termination notice against the Rajasthan Royals, giving the IPL 2008 champions a much-needed reprieve.
Even though the BCCI urged the court to revoke the stay granted to the Royals, the court decided to uphold the order that had been passed earlier by the arbitrator.
The court, however, asked the Royals to disclose their ownership details. The owners will also have to file an affidavit in court stating that they are in control of their respective companies.
The Court also directed Rajasthan Royals to submit $2.83 million as guarantee to the BCCI for the contract and $18 million as bank guarantee for the players.
The arbitration proceedings shall continue unless BCCI approaches the Supreme Court challenging the stay.
After Tuesday's decision, it is now clear that IPL 4 scheduled to be played in April-May 2011, will have 10 teams as was the original plan put in place after the end of IPL - 3.
The Bombay High Court had last week granted a similar reprieve to Kings XI Punjab.
On November 30, Justice B N Srikrishna, who was acting as arbitrator, granted injunction in Rajasthan Royals favour by staying the termination of its contract. BCCI then challenged this before the High Court.
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