New Delhi, Jul 13 (IANS): In what comes as a major boost for the Board of Control for Cricket in India (BCCI), in a majority decision, an Arbitral Tribunal consisting of Supreme Court Justices (Retd) Sujatha Manohar, Mukunthakam Sharma and S.S. Nijjar have upheld the termination of the media rights agreement for overseas territories with World Sports Group (WSG) by the BCCI on June 28, 2010.

Speaking to IANS, a former BCCI official said that the verdict vindicates the stand of the BCCI. "It is relevant that the Award has accepted the case of BCCI that Lalit Modi was guilty of concealing the agreements that had been entered into and also the defaults committed by WSG Mauritius, from the then office bearers," he said.

The BCCI had accused the then chairman of its IPL Governing Council Lalit Modi of committing fraud on BCCI in collusion with WSG officials to the tune of Rs 425 crore.

In a complete vindication of the hard stand taken by the BCCI office bearers including N. Srinivasan then Secretary, the Arbitral award has allowed the BCCI to appropriate the amounts lying in escrow pending the arbitration. This sum is to the tune of over Rs800 crore.

P. Raghu Raman Senior Counsel who represented the BCCI said: "Now that a binding arbitration award has clearly pointed out the fraudulent conduct of Lalit Modi and others from WSG group, the police complaint given by BCCI to prosecute these persons at least at this stage should be acted upon."