Deccan Chargers sold to Mumbai-based Kamla Landmarc

The owners of the troubled Hyderabad-based IPL franchise Deccan Chargers, have sold the team to a Mumbai-based real estate company, Kamla Landmarc.

According to a report by NDTV, the owners confirmed the sale in a letter to the National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

"This is to inform you that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited," the letter said.

"The above resolution of the Board has been passed subject to the approval of the shareholders of the Company under Section 293(1)(a) of the Companies Act, 1956 read with Companies, Rules 2001 and subject to the approvals, consents, permission and sanctions as may be necessary  from the concerned authorities, lenders and other third parties," it further said.

Kamla Landmarc is owned by Ramesh Jain, and is involved in the construction of commercial and residential projects in Maharashtra and Goa.

Meanwhile the Deccan Chargers have missed the deadline given by the Bombay High court to furnish a Rs.100 crore bank guarantee to the BCCI. This effectively means that the termination of the IPL franchise stays. The sale to Kamla Landmarc hasn't been approved by the BCCI yet.