The SC proposed the replacement of Srinivasan by former captain Sunil Gavaskar and suspension of franchises Chennai Super Kings and Rajasthan Royals from IPL 7 till the pendency of the betting and spot fixing case.
The apex court also proposed to pass an order barring India Cements officials from getting involved with the functioning of BCCI.
Reacting to the development, BCCI Vice-President Ravi Sawant said that Srinivasan should not have been allowed to buy the Chennai Super Kings team in the IPL on the ground of conflict of interest.
Sawant, who is the BCCI vice-president from West Zone, said the Board will have to act according to the Supreme Court order.
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"The matter is subjudice. We don't know what is exactly happening. Till the Supreme Court comes out with its order, it is not proper to comment on the issue. The Supreme Court is supreme and everybody will have to follow what it says. There is no other way," Srikkanth said.
"It's subjudice and we can comment only after the Supreme Court passes its order," Dravid said.