The BCCI is reportedly upset with Srinivasan for a couple of reasons.

The BCCI is reportedly up in arms after discovering that N Srinivasan, former BCCI president and owner of the Chennai Super Kings, claimed the value of the IPL franchise is Rs 5 lakh.

According to the Indian Express, India Cements, the company of which Srinivasan is managing director and promoter, put the value of Chennai Super Kings at Rs 5 lakhs in order to reduce the fee (5 percent of the value) they had to pay the BCCI for converting the shareholding of CSK into a trust.

This was done at an IPL Governing Council meeting in February, when the BCCI was in limbo while waiting for the Supreme Court to issue an order on Srinivasan's eligibility to stand for reelection as BCCI president. Elections were held in March after Srinivasan was disqualified from standing, and the new IPL Governing Council under current president Jagmohan Dalmiya met last week for the first time, which was when they discovered this financial sleight of hand.

“Jyothiraditya Scindia, who was present as a special invitee, was the first to raise the issue,” an anonymous source told the Indian Express. He insisted that it wasn’t possible for CSK to be valued at Rs 5 lakh when India cements has been paying an annual franchise fee of Rs 40 crore to the BCCI,”

An independent evaluation of IPL brands by American Appraisal concluded that the CSK brand was worth $67 million, or roughly Rs 400 crore. Brand value is only part of a business, so the overall valuation of CSK would be much higher, A valuation expert on Headlines Today said CSK was worth between Rs 800 and Rs 1200 crore. That would mean India Cements would have to pay the BCCI between Rs 40 and Rs 60 crore to transfer the shares.

India Cements paid $91 million (approx Rs 576 crore at the current exchange rate) for CSK back in 2008 while Sun TV bought the franchise that is now Sunrisers Hyderabad for $79.5 million (approx Rs 425 crore) in 2012.

It is not clear at this point how India Cements arrived at the Rs 5 lakh valuation.

It also appears Srinivasan’s time as the colossus bestriding the cricket world is drawing to a close.

Earlier this year, the Supreme Court prevented Srinivasan from standing for reelection as BCCI president, paving the way for Jagmohan Dalmiya’s return as head of the board. Now, according to the Indian Express, the Dalmiya – Anurag Thakur combination is planning to remove Srinivasan as ICC chairman too.

Under the new rules governing the ICC, the chairmanship rotates every two years between the BCCI, the ECB and Cricket Australia. The BCCI got first crack at the position last year and nominated Srinivasan. But the board is free to change its nominee if it so desires.

The Indian Express reports that sources claim the BCCI will nominate a new person to head the ICC at its AGM in September, a change that secretary Thakur hinted at as well.

“Srinivasan will be BCCI’s representative as ICC chairman till September 2015,” Thakur said. “In September, we will have our Annual General Meeting as per schedule where there would be discussions about the way forward for us.”

Srinivasan apparently also tried to arrange a “private deal” with Sharad Pawar before the election. This has apparently rubbed the BJP leaders in the BCCI the wrong way and both Arun Jaitley and Amit Shah are aware of the plan to replace Srinivasan.

You can read the full Indian Express story here.