The Supreme Court has stayed the Bombay High Court order allowing Mauritius-based World Sports Group's (WSG) appeal against the Board of Control for Cricket in India (BCCI) seeking arbitration with regard to termination of their agreement for Rs 450-crore overseas telecast rights of IPL.

A Bench of Justices R V Ravindran and A K Patnaik issued a notice to WSG on a petition filed by BCCI challenging the order of the HC division bench which had set aside a single judge's decision not favouring the WSG.

While seeking a response of the WSG, the bench took an undertaking from the BCCI that any contract entered into by WSG will be honoured by it.

The same undertaking was given by the BCCI before the High Court also.

The High Court had restrained the BCCI from giving the contract to anyone till an arbitrator is appointed and said an arbitrator has to be appointed by WSG within a month, failing which the cricket board can enter into a contract with a third party.

"Till the arbitrator is appointed, BCCI is restrained from giving the contract to anyone. The board has also made a statement that they will not create any third party rights till then," the order had said.

The court had said "simply because the person (Lalit Modi) who was the signatory to the contract is replaced or removed, it would not be proper to terminate all the contracts signed by the earlier chairman or commissioner of IPL."

The High court had also said WSG had not committed fraud at the time of entering into a contract with the BCCI.

"Prima facie, WSG had not committed fraud upon BCCI in connection with the agreements. The contracts were in fact brought to the notice of all the members of the board," the judgement had said.