Ganguly moves HC for enforcement of 2018 arbitration award

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12 Jul 2021 | 04:40 PM
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Ganguly moves HC for enforcement of 2018 arbitration award

Ganguly, in his plea, raised concern that the directors of the companies had siphoned off funds from their accounts to other firms

Board of Control for Cricket in India (BCCI) president Sourav Ganguly has approached the Bombay High Court seeking that the 2018 order of an arbitration tribunal that awarded him compensation payable by his former management companies, Percept Talent Management Ltd and Percept D Mark (India) Ltd, be enforced.

The former Team India captain has sought that the two companies be directed to disclose their assets and on Monday, Percept Talent Management and Percept D Mark told a single bench presided over by Justice AK Menon that they will do so by 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 an HC order, the arbitration between the parties arose out of a "Player Representation Agreement" through which the respondent companies were to act 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 percent per annum from November 21, 2007, till the realization 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.

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