Mumbai: The Supreme Court has dealt a severe blow to BCCI, severely curtailing its financial powers.
The court on Friday said, the Lodha panel would fix a limit on monetary value of contracts in which BCCI can enter, all contracts above the monetary limit would have to be approved by the panel.
The apex court also restricted BCCI from releasing funds to state associations until they pass resolutions on implementation of the panel's recommendations.
SC instructed Lodha panel to appoint independent auditors to scrutinise BCCI'S accounts, the auditors would scrutinise all high-value contracts.
BCCI president Anurag Thakur and secretary Ajay Shirke have been asked to give undertaking to comply with Lodha panel recommendations and court orders.
The court will next hear the matter next on December 5. The BCCI president has been asked to personally appear before the apex court during the next hearing.
The order is likely to affect the award of contract for the Indian Premier League (IPL) and other tournaments as the apex court empowers the Lodha panel to fix a ceiling.
The Supreme Court would also apprise International Cricket Council (ICC) chairman Shashank Manohar of its orders.
The Lodha panel recommended, among other things, age and tenure restrictions for top officials as well as banning them from serving successive terms.
In its October 1 Special General Meeting, the BCCI had accepted many of the "significant recommendations" of the Lodha Committee. However, it excluded the important ones which have been the bone of contention between the cricket body and the Lodha panel.
The recommendations, which have still not been accepted by the 30-member committee, include one-state one-vote, age limit of 70 years, cooling-off period of three years which included the tenure of the administrators, continue with the five-selectors and keeping to retaining the powers of the president and secretary as per the earlier constitution of the board.
