Sourav Ganguly moves Bombay HC seeking enforcement of Rs 35 crore arbitration award
The former captain of the Indian Cricket team had sought court’s intervention to direct the company to disclose its movable and immovable assets and restrain the respondent company and others from selling, transferring or creating any third-party rights on it. The former cricketer has also named Percept D Mark (India) Ltd as respondent as well.
Senior Counsels Dr Birendra Saraf and Samrat Sen, while appearing for the Ganguly, argued that the total money to be paid by two companies to him was more than Rs 35 crore, including over Rs 14 crore original compensation with interest at the rate of 12% per annum from November 21, 2007, till the date of realization of the amount.
The genesis of the dispute lies in the ‘Player Representation Agreement’ between Ganguly and the companies, through which the respondent companies were to provide service as ‘exclusive manager’ to the former Indian cricket captain. After the termination of the agreement, Ganguly had invoked the arbitration clause and sought compensation from the company.
Now, Saurav Ganguly has approached the High Court, seeking the realisation of the balance portion of the total compensation.
On Monday, Shardul Singh, an advocate for Percept Talent Management, informed the court that the company would disclose the assets with a clarification that “save and except for the payment of audit fees and statutory fees payable to the Registrar of Companies, which will not exceed Rs.15,000 no other amounts will be utilized by the respondents.”
While granting relief about disclosing companies’ assets, Justice AK Menon has adjourned the case to July 26.
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