India, May 13 -- The Bombay high court last week directed three nationalised banks - Punjab National Bank, Indian Bank and Union Bank of India - to pay Rs.386 crore to the Board of Control for Cricket in India (BCCI) in connection with its 2011 media rights agreement with the now defunct Nimbus Communications.

A single-judge bench of justice Manish Pitale passed the order on a suit filed by the BCCI for the recovery of three bank guarantee amounts executed by Nimbus in favour of the board, after the banks refused to make the payment.

The court directed Punjab National Bank and Union Bank of India to each pay 37.5% of the total amount, Rs.386 crore, while Indian Bank was ordered to pay the remaining 25%. All three banks have also been or...