110
SUMMARY CONSOLIDATED FINANCIAL STATEMENTS PREPARED FROM THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE INTERNATIONAL CRICKET COUNCILANDITS SUBSIDIARIES FOR THE YEAR ENDED 31 DECEMBER 2018
NOTES TO SUMMARY CONSOLIDATED FINANCIAL STATEMENTS (continued)
3 DISCLOSURES RELATING TO CONSOLIDATED FINANCIAL STATEMENTS The audited consolidated financial statements of the ICC Group are available on the ICC Website
www.icc-cricket.com. For the significant accounting policies and detailed notes to the consolidated financial statements please refer to the audited consolidated financial statements on the Website.
4 CONTINGENCIES Essel Sports Pvt Ltd:
In 2007, Essel Sports Pvt Ltd initiated a lawsuit against the Board of Control for Cricket in India (‘BCCI’) in the Delhi High Court, claiming that the BCCI’s decision not to recognise the Indian Cricket League (‘ICL’) and to take certain actions against those involved with the ICL was unlawful (the ‘Indian Action’). The Indian Action is at an advanced stage with the parties in the midst of making their final arguments.
A suit has also been filed in England (against ICC, and the England and Wales Cricket Board ‘ECB’) and served upon the ICC and the ECB (the ‘English Action’). As part of the defence to the English Action, and because of the substantial overlap between the issues raised in the English and Indian Actions, the BCCI, ICC and ECB sought an anti-suit injunction from the Indian courts, preventing ICL from taking any further steps in the English Action (against all of those three parties) until the Indian Action has been dealt with. Such an injunction was granted. The Supreme Court of India (the “Supreme Court”) 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 pending trial of the underlying Indian action. On 1 September 2017, however, as the underlying suit (namely ‘Indian Action’) was in the final stages of being heard, the Supreme Court dismissed the special leave petitions and directed that the District Court should hear 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. As of date, there appears to be no momentum from the BCCI towards settling the Indian Action (and all related proceedings) in a way that is satisfactory to all, but this possibility remains within the control of the BCCI.
External lawyers have been appointed to act collectively for the ICC, ECB and BCCI in defending the English Action (including pursuit of and challenge to the anti-suit injunction in India). The advice received from those lawyers is that the ICC and its Members will be able to mount a robust defence of the English Action and consequently no provision has been made in the consolidated financial statements in this respect. In addition, in 2010, the court in England granted a stay on hearing this matter 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. As at the reporting date, no amounts in relation to such indemnity has been recognised on the consolidated financial statements as the probability of any such outflow looks unlikely.
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