Indian Premier League Franchise Chennai Super Kings is worth Rs 1140 crore, but former BCCI president N Srinivasan transferred the franchise to a trust at a mere Rs 8 crore, a 40-page submission filed by board secretary Anurag Thakur with a writ petition in the Supreme Court says.The petition, seeking clarity on whether Srinivasan can attend Board of Control for Cricket in India meetings, also shows that the the split in the board is wide open. If nothing else, the petition debunks talk of a so-called rapprochement between Thakur and Srinivasan, the current and former strongmen of Indian cricket. However members who are Srinivasan loyalists claimed the secretary has exceeded his brief in his affidavit.In his submission, Thakur said that according to an audit in February 2014, CSK's approximate brand value is $ 722 million (Rs 455 cr, according to American Appraisal). Since the brand value is normally 40 per cent of the entity, the value of the CSK franchise will be in the region of Rs 1140 cr.“What is shocking is that the transfer of the franchise (to CSK Cricket Limited) is stated to have been carried out for Rs 7.83 cr. ...The BCCI is deprived of the benefit of the true value of the 5 per cent share which would be in the region of Rs 57 cr,“ Thakur said in his submission.Thakur also contends that Srinivasan continues to stay conflicted and hence should be prevented from attending the meeting of the BCCI ­ something the Chennai strongman attempted on August 28.“A clarification has been necessitated on account of the fact on August 28 when a working committee meeting of the BCCI was being held in Kolkata, Srinivasan barged in and insisted upon attending the meeting,“ said Thakur while seeking clarification if Srinivasan qualifies to be an administrator and if he can attend the BCCI meetings.“He claimed that he had restructured the ownership and control of the Chennai Super Kings so that there is no more conflict.“An examination of the restructuring said to have been under taken by Srinivasan would show that, step by step, transactions have been undertaken while Srinivasan continues to control the CSK franchise. It is obvious that, on the basis of his claim, BCCI is going to face serious problems in holding meetings. Hence the need for this Hon'ble court to clarify...“However, some members contend that Thakur has raised the issues of CSK valuation and Lodha Committee judgement which were not discussed at the working committee. The decision of the meeting was “to seek the opinion of the Hon'ble Supreme Court whether Srinivasan could attend the meetings of the BCCI as the authorized representative of Tamil Nadu Cricket Association.“ These members claimed that Srinivasan is no longer conflicted.Explaining the CSK valuation and Srinivasan's conflict of interest, Thakur said the former board president still controls the trust to which CSK shares were transferred.“Even if the majority shares of the CSKCL are ultimately passed on to the non-promoter shareholders of India Cements Ltd, deep pervasive control of CSKCL would remain vested in India Cement Ltd of which N Srinivasan and his family members are not only having more than 29 per cent shareholding but also in the management through Board of Directors,“ the submission said.The board secretary has also invoked the Lodha Committee verdict saying Srinivasan does not qualify to attend the meetings as the so-called restructuring of the shareholding pattern of CSK franchise, even if it is valid, does not amount to change in control of the franchise which continues to be under the India Cements Limited.“Therefore, he cannot be allowed to participate in the affairs of the BCCI,“ Thakur submitted.He also that Srinivasan was informed of continued conflict but he insisted on attending the Kolkata meeting saying the legal position presented before him was incorrect and he “has acquired every right to attend the meeting.“Thakur has asked the Supreme Court to clarify its February 22 judgement and said “until and unless the ownership and control of CKS is transferred at a realistic value (of Rs 1140 cr) and not at the illusory value of Rs 7.83 cr,“ Srinivasan will continue to attract conflict of interest.Alternatively, Thakur has asked the court to authorize Justice RM Lodha to adjudicate on the matter.But the Srinivasan camp is confident that it can prove that the transfer of shareholding is genuine and the former BCCI president has no control over it.With the l'áffaire N Srinivasan awaiting the disposal of the Supreme Court, the BCCI AGM is set for postponement, an eventuality which is indicated as much by BCCI secretary Anurag Thakur on Sunday. However, the deferment of the AGM is unlikely to displease too many in the board. With Jagmohan Dalmiya's health being an issue of an open discussion, the board president would have been under pressure to justify his continuation at the meeting. A delayed AGM will give him that much more time to recover or prepare grounds to counter his detractors. His arch-adversary N Srinivasan too should have no problems as he will continue to be In dia's representative at the ICC. The AGM was tentatively scheduled to be held on September 27. What a certain Sharad Pawar has to say could be a point of interest.