Friday, 20 January 2012

HC orders Nimbus to pay 305 crore security to BCCI

The Bombay high court on 19 January, directed Nimbus Communications to provide security for the amount of Rs 305 crore, claimed by the Board of Control for Cricket in India (BCCI) as its dues from the advertisement revenue for matches already telecast on their sports channel Neo.
The BCCI moved the high court to claim the advertisement revenue from Nimbus and the lawyers representing the cricket board, Raju Subramanyam and PV Raman, urged that Nimbus and Neo TV owed it the money which was their right.

The lawyer for Nimbus argued that Neo was a separate entity which collected the advertisement revenue and Nimbus only got the licence fees. But the Board objected saying it was a subsidiary of Nimbus.
The judge hearing the matter directed Nimbus, Neo to deposit in court the advertisement revenue collected so far. It also asked the advertisers from whom monies were due, to deposit those amounts in court.
The BCCI has taken this as a major victory. The BCCI is separately also arguing in the court to encash the Bank Guarantees from three banks - Indian Bank, Union Bank of India and Punjab National Bank - following the termination of its telecast deal with Nimbus.

Source: http://cablequest.org/news/legal-news/item/705-hc-orders-nimbus-to-pay-305-crore-security-to-bcci.html
Source: http://cablequest.org/news/legal-news/item/705-hc-orders-nimbus-to-pay-305-crore-security-to-bcci.html

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