The cash strapped Indian Premier League controversies had another pitfall with the Deccan Chronicle Holdings (DCHL) selling its Indian Premier League (IPL) franchisee Deccan Chargers to Mumbai based realtors. Kamala Landmarc Estate Holdings (KLEH). The decision was taken at board meeting on Thursday. DCHL had released a statement in this regards. Insiders say that the sale was due to a internal financial crunch.

The statement states, 'This is to inform you that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited. The above resolution of the Board has been passed subject to the approval of the shareholders of the Company under Section 293(1)(a) of the Companies Act, 1956 read with Companies, Rules 2001 and subject to the approvals, consents, permission and sanctions as may be necessary from the concerned authorities, lenders and other third parties.'

Incidentally KLEH is one of the premier construction company in Mumbai and is embarked on various residential and commercial constructions. The company is owned by Ramesh Jain .

In fact the team was up for sale as on September 14 2012, the Board of Control for Cricket in India (BCCI) terminated the Deccan Chargers. BCCI had cited various violations of codes by DCHL for the termination. DCHL has filed for court intervention on the termination. Subsequently the Bombay High Court on September 27 had appointed an arbitrator in the dispute between DCHL and BCCI over  its franchisee Deccan Chargers and had directed the firm to furnish a Rs 100 Cr bank guarantee (BG). It may be noted that till 5pm yesterday the BG was not submitted. (With inputs from internet-AW AarKay)