President of the Board of Control for Cricket in India (BCCI), Sourav Ganguly, has moved to the Bombay High Court for enforcement of an award by a three-member arbitral tribunal awarding him over Rs 35 crores payable by his former management companies.
Ganguly also sought a status quo and disclosure which the companies agreed to. During the hearing before Justice AK Menon on Monday, advocate Shardul Singh appearing for the companies said that they will disclose the assets by July 20, 2021, and that a status quo would be maintained.
There was a “Player Representation Agreement” between Ganguly and the companies through which they acted exclusively as his managers. But disputes started between the companies and Ganguly after which the agreement was terminated. Aggrieved by this, Ganguly invoked the arbitration clause in the agreement.
A three-member panel of arbitrators directed the companies to pay Ganguly Rs 14,49,91,000 together with interest at the rate of 12% per annum till the date of realisation of the amount. Ganguly then moved an application in the Calcutta High Court for the execution of the arbitral award.However, as the assets disclosed by the companies were not within the jurisdiction of the Calcutta High Court, thus the execution application was withdrawn and a fresh execution application was filed before the Bombay High Court. The companies are said to have paid Rs. 2,07,25,109 and so the fresh application is for the realisation of the balance.