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.
In the plea, Ganguly has sought that the companies – Percept Talent Management Ltd. and Percept D Mark (India) Ltd should disclose their assets. As an interim relief, he has also sought that the companies should be restrained from doing any transactions on the properties. This is because, Ganguly, through his lawyers, Nankani & Associates raised a concern that the directors of the companies have systematically siphoned off the funds from their accounts to other companies. Ganguly’s lawyers showed this as “urgency” for the matter to be heard immediately by the Bombay HIgh court.
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.
The 49-year-old filed the interim application before the high court on June 29 and the matter was heard on July 12. He also sought for the companies to disclose their assets which they have agreed to do on July 20.
The total money to be paid by the two companies, according to the retired cricketer, is more than Rs 36 crore, which includes around Rs 14.50 crore original compensation plus interest accumulated on it for non-payment.
As an interim relief, Ganguly has also sought that the companies be restrained from carrying out any transactions on their properties. Ganguly, in his plea, raised concern that the directors of the companies had siphoned off funds from their accounts to other firms.
Advocate Shardul Singh, appearing for the companies, said they will disclose the assets by July 20. As per a HC order, the arbitration between the parties arose out of a “Player Representation Agreement” through which the respondent companies were to act as as the exclusive manager for Ganguly.
After disputes arose between the parties, the agreement was terminated and Ganguly invoked the arbitration clause in the pact. The arbitration led to an award through which the respondent companies were directed to pay Ganguly a sum of Rs. 14,49,91,000 with interest at the rate of 12 per cent per annum from November 21, 2007, till the realisation of the payment.
A little over Rs 2 crore was paid by the companies, as per Ganguly’s counsels. And the amount which is due currently is over Rs 36 crore, his plea stated. Ganguly, therefore, filed an execution application before the High Court for realisation of the balance amount of the total compensation along with interest.
The HC will hear the plea further on July 26.
