ICC dismisses PCB case against BCCI

The International Cricket Council (ICC) has dismissed the Pakistan Cricket Board's (PCB) compensation claim against the Board of Control for Cricket in India (BCCI).
According to a statement issued by the game's governing body on Tuesday, the judgement is binding and non-appealable (here's the complete statement).
A dispute panel was formed by the ICC under the Terms of Reference of the ICC Disputes Resolutions Committee (DRC) to resolve the dispute between India and Pakistan boards.
The panel considered a detailed oral and written submissions for three days before dismissing the PCB case. PCB had filed the compensation case against India before the ICC Dispute Resolution Forum.
Their contention was that the BCCI had refused to honour their commitment and had not implemented the conditions agreed in a memorandum of understanding (MoU), which the two parties had signed in 2014, guaranteeing six bilateral series between 2015 and 2023. Under the agreement India and Pakistan were to restore the bilateral series between the two countries which have remained suspended since 2007.
According to reports, the two cricket boards had agreed to restore the bilateral series in return for the PCB vote in favour of the 'the Big Three' formula, which gave the cricket boards of India, England and Australia the lion's share of the ICC funds. In their case, PCB had demanded that BCCI compensate Pakistan for the revenue losses to the tune of around $70 million because the sub-continent rivals hadn't played a single bi-lateral series since the agreement.
According to the Indian cricket board, the Indian government had not given them clearance to play Pakistan in bilateral ties. Thus, the BCCI contention has been that then agreement was not legally binding on them. Both the PCB and the BCCI had hired the services of British lawyers to argue the case.