The resignation of Shukla, who is also a Union Minister, comes as a severe setback to President N Srinivasan who has already been isolated by his team of officials, two of whom -- secretary Sanjay Jagdale and treasurer Ajay Shirke -- have already quit.
"That is his decision. He is at the eye of storm. Perhaps he must have realised the gravity of the situation. It's never too late. But the real issue is how Indian cricket moves ahead and the credibility of BCCI is restored," Shirke said when asked to comment on Shukla's resignation.
One of Srinivasan's demands before stepping down is that Jagdale and Shirke should not be in the new panel as they had ditched him, but former treasurer said he had no issues with that.
"I heard the conditions set by Srinivasan, including the one that I and Sanjay Jagdale should not be in the new panel. I have no issues with that. He is legitimate to feel like that. I have no grudge.
A day before the emergency meeting of the working committee in Chennai, Shukla took the decision to quit saying that he felt it necessary to do so in the light of the recent developments.
"I have decided to quit as IPL chairman. It is a decision which I was pondering over for some time. I think it is time to step down," Shukla told PTI.