The resignation of Shukla, who is also a Union Minister, comes as a severe setback to the incumbent President who has already been isolated by his team of officials, two of whom -- Secretary Sanjay Jagdale and Treasurer Ajay Shirke-- have already quit.
Besides the attack on Srinivasan and the demand for his resignation, questions were also raised over Shukla continuing in the post as IPL Chairman.
Shukla said he took the decision in view of the recent controversies and in the interest of cricket. He also took into account the resignations of BCCI secretary Sanjay Jagdale and treasurer Ajay Shirke before taking the decision to step down.
"Sanjay Jagdale and Ajay Shirke resigned in the best interest of Indian cricket. I thought this is the right time," he said.
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Shukla's resignation just a day ahead of the emergency working committee meeting in Chennai is bound to put more pressure on Srinivasan to quit the president's post.
Backroom negotiations were on to find an honourable exit for the 68-year-old cricket administrator who is said to be setting some conditions before he resigns after his isolation in the wake of arrest of his son-in-law and CSK Team Principal Gurunath Maiyappan over betting charges.