VFI to pay Rs 4 crore as compensation to Baseline Ventures

Arbitrator Justice K. Kannan (Retd.) has ordered the VFI to pay Rs. 4 crore to Baseline Ventures (India) Pvt. Ltd as compensation on the latter’s claim against the termination of the contract.

Baseline Ventures will hand over the Intellectual Property Rights of the Pro Volleyball League to the VFI.

Arbitrator Justice K. Kannan (Retd.) has ordered Volleyball Federation of India (VFI) to pay Rs. 4 crore to Baseline Ventures (India) Pvt. Ltd as compensation on the latter’s claim against the termination of the contract.

In an award (50-page order) delivered by sole arbitrator recently, set up on the orders of the Madras High Court, VFI has been asked to pay an addition of Rs. 5 lakh in legal fees. With that, an additional 12 per cent interest from the date of commencement of arbitral proceedings till the date of payment. This amounts to approximately an additional Rs. 45 lakh in interest payment as of today.

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Ramavtar Singh Jakhar, who was the VFI Secretary at the time the case was filed, said he would file an appeal against the order at the Madras High Court “at an opportune time as there are quite a few contradictions in the order.”

Further, Kannan dismissed the counter claim of Rs. 14.93 crores made by the VFI against Baseline Ventures. However, Baseline Ventures will hand over the Intellectual Property Rights of the Pro Volleyball League to the VFI.

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Speaking on the occasion, Baseline Vice-President Joy Bhattacharjya, who helmed the league for its first season, said: “This judgement is a total vindication of the fact that the VFI had absolutely no grounds to terminate the contract after a successful season."