Srinivasan had stepped aside from his post after his son-in-law Gurunath Meiyappan was arrested in connection with the spot-fixing scandal.
He was later restrained by the apex court from taking charge after being re-elected as President. Srinivasan has now been allowed to get back at the helm of affairs of the cricketing body after almost four months.
The committee, also comprising senior advocate and Additional Solicitor General N Nagehswar Rao and Assam Cricket Association member Nilay Dutta, will file its report on the termination of contract of erring franchise.
The apex court directed the BCCI and Srinivasan, whose company India Cements owns IPL team Chennai Super Kings, not to interfere in the probe to be done by the Committee and directed to cooperate with it by providing all information.
It also clarified that its order in no way cast any doubt and aspersion on the members of the panel which was appointed by the BCCI to inquire into the controversy and which gave clean chit to Mayyapan. The bench said that the new committee will probe on all allegations levelled by CAB in its petition on betting and spot-fixing in IPL matches.
The bench said that the committee will submit its report to the apex court which will consider it and pass order on the basis of findings of the report.