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HC asks three banks to pay ₹386 cr to BCCI
Hindustan Times Navi Mumbai
|May 13, 2025
The Bombay high court last week directed three nationalised banks — Punjab National Bank, Indian Bank and Union Bank of India — to pay ₹386 crore to the Board of Control for Cricket in India (BCCI) in connection with its 2011 media rights agreement with the now defunct Nimbus Communications.
MUMBAI:
A single-judge bench of justice Manish Pitale passed the order on a suit filed by the BCCI for the recovery of three bank guarantee amounts executed by Nimbus in favour of the board, after the banks refused to make the payment.
The court directed Punjab National Bank and Union Bank of India to each pay 37.5% of the total amount, ₹386 crore, while Indian Bank was ordered to pay the remaining 25%. All three banks have also been ordered to pay ₹25 lakh each to BCCI towards litigation costs.
This story is from the May 13, 2025 edition of Hindustan Times Navi Mumbai.
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