Relief for Nimbus in bank guarantee forfeit case against BCCI

The Bombay High Court on Thursday declared that the termination of the contract between Nimbus and the Board of Control for Cricket in India over broadcasting rights will stand.

updated: December 15, 2011 19:51 IST
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New Delhi: In a relief to Nimbus Communications, the Bombay High Court on Thursday directed three banks to give the broadcast rights holder three days notice before forfeiting bank guarantee of Rs 2,000 crore.

Justice S J Vazifdar was hearing an application filed by Nimbus seeking injunction on BCCI's notice to the banks for forfeiture of the guarantee following default on payments.

The court was informed by senior counsel Janak Dwarkadas, appearing for the banks, that at this stage they were not ready to forfeit the guarantee.

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