HC allows Kings XI to stay in the game, at a price!

At $21.5 million (approximately Rs 100 crore), it has turned out to be a costly victory for the team from Punjab. The Bombay high court on Wednesday stayed the termination by the Board of Control for Cricket in India (BCCI) of the IPL franchise agreement with Kings XI Punjab and sent the dispute between them for arbitration. But in a bid to make sure that the players' interests are protected for the two future IPL seasons pending a final decision by the sole arbitrator who is yet to be appointed, Justice Shiavax Vazifdar who passed the interim order subjected Punjab's participation in the forthcoming IPL seasons to it being able to provide security of $18 million.

The court directed Kings XI to give a separate security of $3.5 million to protect the BCCI against a likely notional loss as it is now unable to seek bids for a new IPL franchise to replace Kings XI.The court did not extend the time for Kings XI as sought by them to select their marquee players. It gave them time only till Thursday midnight. The Mohali team also gave an undertaking to pay its players their dues worth Rs 28 crore for IPL season 3 after it receives Rs 22 crore from the BCCI. The cricket board, however, said it owed the IPL team a much lower amount after deductions and said Kings owed its players more than Rs 28 crore. In addition to the Rs 100 crore it has to raise towards securities, Kings also has to pay BCCI $7.6 million towards its franchisee fees for the next season.It has to pay about 30% of this amount by January 2011.

The security has to be furnished by January 3, 2011, drawn on a nationalized bank in favour of the prothonotary of the Bombay high court. The conditions imposed on Kings XI for its freedom to play were debated extensively by lawyers on both sides. A particular bone of contention was how to secure the interest of the cricket board as C A Sundaram, senior counsel for BCCI, said that Kings XI ought to give a security or guarantee of $70 million for the next two IPL seasons–since going by the present rates, a new team was valued at around $350 million. The judge wanted to ensure that BCCI is not left entirely without any relief.

Thus after Kings XI counsel Darius Khambata pointed out that the franchisee pays the fee amount over the ten-year contract period, the judge said 10% of what would get paid in a year ought to be secure for BCCI in all fairness. Sundaram, who was supported by a team of lawyers including Raju Subramaniam, Akhila and Sharan Jagtiani, said they were "seeking substantial security for damages, for if the arbitrator finally goes against Kings XI and upholds their termination after a year, it would not be possible to seek bids for a new franchise midway through the three season-tour."

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SRK, Aamir war goes global!

The year 2011 could very well be the decisive year in the Shah Rukh Khan-Aamir Khan battle for one-upmanship. If all goes according to plan, next year both the superstars will go international with a film each by two of the most celebrated directors on the global map.What gives the global war of the Khans a cutting edge is the striking similarity in location of the two proposed projects. Both films are set in Mumbai, with the city playing as large a role in the script as each of the Khans.

While Slumdog Millionaire director Danny Boyle is ready to adapt Suketu Mehta's celebrated novel, Maximum City to screen, Aamir is set to play the lead in Paul Schrader's X-Treme City for producer Anubhav Sinha, to be shot in Dharavi.Both films are realistic takes on present-day Mumbai, its splendour and stench. Boyle and Schrader have already visited Mumbai a number of times and met the two stars who have reportedly agreed to be part of the respective films.Says a common friend of the two stars, "At the end of the day, a film about life in Mumbai is a film about life in the city.

Even if two different directors from two different continents (Boyle is British, Schrader is American) work on two different projects, the spirit of the city is bound to be a common thread."It is this overlap that the two filmmakers are said to be addressing. Says a source, "The teams behind both projects are aware that Mumbai is the hero of both films.Both films are going to be shot in crowded localities of Mumbai. The problem is to figure out how to give the two films different looks."Boyle has an edge, though.

He has been there, done it before in Mumbai with Oscar winner Slumdog Millionaire. He knows what facet of the city he will highlight in Maximum City.Sound engineer Resul Pookutty, who once again teams up with Danny Boyle after Slumdog, says no two films about Mumbai can ever be the same, even if shot by the same director. "Mumbai is a versatile city. Maximum City will be very different from Slumdog."

Nadal continues to lead ATP rankings!

Former number one Roger Federer closed the gap on Rafael Nadal in the men’s ATP tennis rankings released on Monday with his three set victory over the Spaniard in the final of the World Tour Finals.

Although the Spaniard still has an advantage of more than 3,000 points, Federer managed to cut Nadal’s lead.

The only change in the rankings sees Andy Murray, who made the semi-finals in London, swap places with Sweden’s Robin Soderling. The Scot has moved back to fourth.

ATP top 10 as of November 29 (previous ranking in parenthesis): 1. Rafael Nadal, Spain, 12,450 points 2. Roger Federer, Switzerland, 9,145 3. Novak Djokovic, Serbia, 6,035 4 Andy Murray, Britain, 5,760 5. Robin Soderling, Sweden, 5,580 6. Tomas Berdych, Czech Republic, 3,955 7. David Ferrer, Spain, 3,735 8. Andy Roddick, US, 3,665 9. Fernando Verdasco, Spain, 3,240 10. Mikhail Youzhny, Russia, 2,920.