BCCI President-in-exile N Srinivasan led India Cements' board today approved transfer of the Indian Premier League team CSK to a wholly-owned subsidiary Chennai Super Kings Cricket Ltd.   

A decision to this effect was taken at a Board meeting of the company held in Chennai.   

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

He further said: "The Board considered a proposal for reorganisation of Chennai Super Kings Cricket Ltd under which ownership of the franchise will be issued to the share holdersof India Cements Ltd, subject to necessary approvals."   

Srinivasan, who has been barred by the Supreme Court from contesting any polls of the board till he gave up ownership of the IPL team, did not specify who would be at the helm of Chennai Super Kings Cricket Ltd and details of its main functionaries.   

"This is the first step in slowly getting into a fully cement focussed company," he said, declining to comment on on how the new subsidiary would be capitalised. He also refused to comment on anything related to court orders or to BCCI on the issue.