112


SUMMARY CONSOLIDATED FINANCIAL STATEMENTS


SUMMARY CONSOLIDATED FINANCIAL STATEMENTS PREPARED FROM THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE INTERNATIONAL CRICKET COUNCIL AND ITS SUBSIDIARIES FOR THE YEAR ENDED 31 DECEMBER 2017


NOTES TO SUMMARY CONSOLIDATED FINANCIAL STATEMENTS (continued)


3 DISCLOSURES RELATING TO CONSOLIDATED FINANCIAL STATEMENTS   


4 CONTINGENCIES Essel Sports Pvt Ltd:


   


  raised in the English and Indian Actions, the BCCI, ICC and ECB sought an anti-suit injunction from the Indian courts, preventing ICL  Such an injunction was granted. The Supreme Court of India subsequently permitted Essel to proceed with an appeal against the anti-suit injunction granted by the Divisional Bench of the Delhi High Court preventing it from suing the BCCI/ECB/ICC in England   and decide the underlying suit within three months of the date of the order, without any interference from the Supreme Court. The appeal proceedings have therefore effectively been dismissed and come to an end. While the ICC is not, itself, directly involved in the underlying ‘Indian Action’, we understand that the matter is next listed for hearing on 24 April 2018.


External lawyers have been appointed to act collectively for the ICC, ECB and BCCI in defending the English Action (including  Members will be able to mount a robust defence of the English Action and consequently no provision has been made in the  until the Indian action is resolved and this remains the case.


Related to these actions, the ICC Board has agreed to provide an indemnity to members in relation to all costs, damages and awards that might be made against any of them as a result of the English Action.


Further to discussions between the ICC and the new BCCI administration, there appears to be some momentum from the BCCI towards settling these proceedings in a way that is satisfactory to all, but this remains within the power of the BCCI and, as yet, the ICC is not aware of any substantive progress made in this regard.


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