Co-owner of the Rajasthan Royals, Raj Kundra, was also found guilty of the same charges as Meiyappan. However, it’s not a win-win situation for Srinivasan, who has been found guilty of conflict of interest by virtue of owning the Chennai Super Kings and also being a BCCI official.The Rule 6.2.4 of the BCCI Constitution, which Srinivasan amended in 2008 to facilitate his ownership of an IPL franchise, has been struck down by the court.Suspicion of cover-up was not found against Srinivasan, but SC made strong observation against him. “There is high probability that he was involved in corruption, but there is nothing to prove that.”

“Decision to award compensation to India Cements casts a shadow of bias on Srinivasan. The argument that Srinivasan owns a minuscule share of India Cements is misleading because his family owns much more,” the court said, which effectively means the amendments made to rule Rule 6.2.4 of the BCCI Constitution has been struck down.

As a consequence, Srinivasan will not be allowed to contest the BCCI presidential elections that, SC said, should be held within the next six weeks. However, if he distances himself from the CSK and disowns the franchise, then he will be eligible to contest the elections. So Srinivasan will have to choose between BCCI and CSK.

Another important part of the verdict was that SC has appointed a three-member committee led by former Chief Justice RS Lodha to decide on the quantum of punishment for Meiyappan and Kundra and decide on the fate of franchises they are associated with (CSK and RR).

“We will not be dealing with the fate of franchises and will refer the subject to a three-member committee,” SC said.

The court has reported asked the new panel to propose sweeping reforms to ensure the game remains clean and people’s faith is restored. “BCCI did not adhere to prescribed procedures while conducting probe in IPL spot-fixing and betting scandal,” the court added.

But SC clarified that the conflict of interest issue does not apply to former players employed by IPL franchises as mentors or coaches. “Professional engagement is different from commercial interest,” SC said on the matter.

The court also observed that allegations against IPL COO Sundar Raman should be probed further.

Here are the top five points coming out of the IPL verdict:

1. Meiyappan, Kundra found guilty of betting.

2. Srinivasan clared on cover-up allegations, but guilty of conflict of interest.

3. Srinivasan can’t stand for BCCI elections until he disowns CSK.

4. BCCI told to hold elections in the next 6 weeks.

5. SC appoints three-member panel led to decide on the quantum of punishment for Meiyappan, Kundra, CSK and RR.