MUMBAI: The last word on the BCCI-Nimbus dispute is still not out as the sports marketing company has moved the apex court against a Bombay High Court directing it to furnish a bank guarantee of Rs 3.05 billion.

The Bombay HC has on 27 February directed Nimbus, which owns and operates Neo Sports and Neo Cricket channels through sister concern Neo Sports Broadcast, to furnish security by way of a bank guarantee of Rs 3.05 billion within two weeks pending hearing of its dispute with BCCI.

The two member bench comprising Justices RM Lodha and HL Gokhale made the order to "list this matter before a Bench of which Justice H.L. Gokhale is not a member".

The case has now been listed for 4 April.

The HC, according to Nimbus, was not right in directing it to furnish security in the form of a bank guarantee for the entire claim amount. It also stated that the BCCI?s claim for damages at the rate of Rs 310 million per game played by the Indian team was unreasonable.

Ever since their contract was terminated for breach of agreement, Nimbus has been crying hoarse that the BCCI has also failed in its obligation to provide iconic national players for important bilateral series which led to low level of interest in the matches and the cancellation of India-Pakistan series inspite of being part of the Future Tours Programme, both of which significantly dented its monetisation of the broadcast rights.

The BCCI had in December terminated Nimbus? broadcast rights contract contending that the later has been a regular defaulter of payments following the broadcaster?s inability to pay the rights fee for the England and West Indies home series.

In October 2010, Nimbus had renewed its agreement with BCCI valued at approximately Rs 20 billion for a minimum of 64 international matches and 312 days of domestic cricket until 2014 after furnishing a bank guarantee for the agreement amount to the BCCI.