In a relief for Kings XI Punjab, the Bombay high court on Wednesday stayed the termination of the IPL franchise's agreement by the Cricket Board. Justice S.J. Vazifdar remarked that going by the documents, Kings XI had "made out a strong case".
The dispute will now again go before a new arbitrator — earlier arbitrator Justice B.N. Srikrishna having recused himself — but as of now Kings XI will be able to participate in the players auction in January.
Kings XI will have to, however, furnish bank guarantees for making up the losses that BCCI, as well as the its own players might suffer in case the arbitrator's award goes against Kings XI.
The judge also said that Kings XI will have to clear the dues of players for the previous IPL season. "It is a question of national prestige," he said.
Interestingly, Justice Srikrishna, who was arbitrator in dispute between BCCI and Rajasthan Royals, too had observed that prima facie termination of Royals' agreement was illegal.
The court also recorded a statement made by Kings XI's lawyer Darius Khambata that present share-holding pattern of owners — which includes actor Preity Zinta and industrialist Ness Wadia — will not change, and shares will not be sold without court's or arbitrator's permission.