Zee Telefilms Ltd, which bagged the telecast rights of the Board of Control for Cricket in India at a whopping price of US $308 million, said it would submit the US $20 million signing amount within the stipulated time.

"Everything is moving as per scheduled. We will deposit the amount much before the deadline," a spokesman for Zee said in New Delhi on Monday.

The company had on Sunday bagged the rights for telecast of cricket matches to be played in India for the next four years, subject to US $20 million being deposited within 48 hours.

"We have also been asked to give a bank guarantee and we will do that as well before the deadline," he said.

BCCI president Jagmohan Dalmiya had said on Sunday that the Letter of Intent would be extended to Zee after receipt of US $20 million by the BCCI.

Subhash Chandra, chairman of Zee Network, had said that the company agreed to the condition and the signing amount would be provided to the BCCI before the stipulated time.

Zee, originally the highest bidder, was asked if it could match the revised figure of US $308 million put forward by rival ESPN-Star Sports at the Marketing Committee meeting of the BCCI on Sunday, and they promptly agreed, thereby clinching the deal.