In this case, Sahara had furnished a bank guarantee worth Rs 170.2 crore (approximately $30 million). Since the deadline for paying the franchise fees was May 2, the BCCI waited till Sahara's IPL 6 commitments were over and cashed the guarantee on May 20.
Reacting to the development, IPL chairman Rajiv Shukla said the board cashed the bank guarantee according to the rules. "Yes, it (Pune Warriors) has pulled out. As per the rules and procedure of the BCCI if a franchise fails to pay the fee then we cash the franchise's bank guarantee. We are extremely sad by their decision to pull out. This should not have happened," Shukla said.
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