MUMBAI: The Board of Control for Cricket in India (BCCI) president-in-exile N Srinivasan led India Cements' board has approved the transfer of Indian Premier League (IPL) team Chennai Super Kings (CSK) to a wholly-owned subsidiary Chennai Super Kings Cricket Limited. A decision to this effect was taken at a board meeting of the company, held on 11 February.

"Pursuant to the decision of Board of Directors of India Cements, the company transferred the IPL franchise rights to its wholly-owned subsidiary Chennai Super Kings Cricketd," Srinivasan told reporters after the meeting.

He also added, "The Board considered a proposal for reorganisation of Chennai Super Kings Cricket under which ownership of the franchise will be issued to the shareholders of India Cements, subject to necessary approvals."

Srinivasan, was barred by the Supreme Court from contesting any polls of the board till he gave up ownership of the IPL team. Though he confirmed transfer of stakes, he did not specify who would be at the helm of Chennai Super Kings Cricket.

"This is the first step in slowly getting into a fully cement focussed company," he asserted, declining to comment on how the new subsidiary would be capitalised.

Last month, a Supreme Court bench of Justice T S Thakur and Justice F M I Khalifulla had assailed the amendment in BCCI rules permitting cricket administrators like Srinivasan to have commercial interest by owing teams in IPL and Champions League and said it was bad on grounds of conflict of interest.