New Delhi, Dec 13 (IANS) Sports broadcaster Nimbus, whose contract with the Indian board was terminated Monday on grounds of defaulting payments, said Tuesday that it had 'acted in compliance of its contractual obligations'.
The Board of Control for Cricket in India (BCCI) terminated its contract, that ran till 2014, and also seized the bank guarantee amount of Rs.2,000 crore, after Nimbus defaulted on payments. Nimbus also failed to pay the BCCI 50 percent advance payment for both the England and the West Indies series
'Given the confidentiality provisions of such contracts, Nimbus is unable to discuss details with the media, but can confirm that it has acted in compliance of its contractual obligations and variations agreed between the parties from time to time,' Nimbus said in a statement.
'Nimbus is working towards achieving full resolution of any differences that may have arisen between the parties and is hopeful of a reasoned conclusion of these in the coming weeks,' the statement added.
'Obviously, it has fully reserved all its rights and options, including invoking the arbitration process if need be. No further statement will be made by Nimbus in this regard till its discussions with BCCI are concluded in the coming weeks,' it further said.
Nimbus first signed a four-year deal in 2005-06 and renewed it in 2009 for a whopping Rs.2,000 crore after being offered the first right of refusal. They had had paid Rs.24 crore ahead of the working committee meeting here Monday morning but there was still an outstanding amount of Rs.88 crore.