MUMBAI, June 18 -- In a setback for BCCI, the Bombay HC refused to interfere with two arbitration awards, directing the cricket board to pay Rs.385.50 crore to Kochi Cricket Private Ltd (KCPL) and Rs.153.34 crore to Rendezvous Sports World (RSW) in connection with Kochi Tuskers. A single judge bench of Justice Riyaz Chagla rejected two arbitrations challenging separate arbitration awards passed in connection with franchise agreements executed with RSW in April 2010 and in March 2011 with KCPL - a joint venture between BCCI and RSW. Both arbitral awards were passed on June 22, 2015. On Sept 19, 2011, BCCI terminated its franchise agreements with RSW and KCPL over non-furnishing of requisite bank guarantees. The arbitrator ruled in favour of the franchise owner and the joint venture, and directed BCCI to pay Rs.385.50 crore to KCPL and Rs.153.34 crore to RSW along with interest at the rate of 18% per annum. The BCCI challenged the award before the high court. TN Subramanian, senior counsel, appearing for BCCI, submitted the impugned award having been passed in the arbitral proceedings commenced pursuant to the defective notice invoking arbitration, and ought to be set aside. KCPL and RSW have been permitted to withdraw the sums deposited by BCCI after six weeks from the order on Tuesday, on the request of BCCI's senior counsel Rafiq Dada, to allow the cricket body time to file an appeal against the high court's ruling....