Kings XI Punjab and Rajasthan Royals on Monday submitted their respective bank guarantees in favour of the Prothonotary as directed by the Bombay High Court.
The IPL team from Punjab submitted a guarantee of $18 millon to secure players and $3.5 million to secure the Board of Control for Cricket in India (BCCI). Royals submitted a guarantee of $10.5 millon and an affidavit regarding the ownership pattern.
The two teams thus complied with the January 3, 2011 deadline imposed on them by the Bombay HC to furnish the guarantees which was put as a condition by HC last month while staying the termination of their IPL franchisee contracts by the BCCI.
The decks, thus, have been cleared for the two teams for the IPL players’ auction scheduled to take place on January 8 & 9 in Bangalore. Shrikant Doijode, solicitor for Kings XI, confirmed that the bank guarantees were submitted. In December 2010, the Bombay HC had granted interim relief to both Kings and Royals.