President of the Board of Control for Cricket in India (BCCI) Sourav Ganguly requested that a three-member arbitral tribunal adjudicate the High Court of Bombay to enforce the award for the Rs 35 crores payable by his former business management.
In this plea, Ganguly sought the divulgation of its assets by companies Percept Talent Management Ltd. and Percept D Mark (India) Ltd. He also wanted to stop firms from making transactions on the properties as interim relief. Ganguly expressed concern through his attorneys, Nankani & Associates had systemically divested funds from their accounts from other companies. This was shown as an “urgency” by Ganguly’s lawyers to be heard immediately by the High court in Bombay.
Ganguly also wanted the company’s agreed status quo and disclosure. At a hearing before Justice AK Menon on Monday, advocate Shardul Singh told the firms that by 20 July 2021, they will reveal their assets and maintain the status quo.
There was a “Player Representation Agreement” between Ganguly and the companies through which they acted exclusively as his managers. But problems started between the companies and Ganguly after which the agreement was terminated. Aggrieved by this, Ganguly referred to the arbitration clause in the agreement.
A three members committee of arbitrators ordered the companies, together with the interest rate of 12% per annum, to pay Ganguly Rs 14,49,91 000 up to the date of the amount’s implementation. Ganguly subsequently requested an arbitral award from Calcutta’s High Court. However, as the company’s assets were not under the competence of the High Court of Calcutta, the execution request has therefore been withdrawn and the request for a fresh implementation has been filed with the High Tribunal of Bombay. The firms are reportedly paying Rs. 2.07.25.109 and therefore the new request is to make the balance real.
