Srinivasan's son-in-law Gurunath Meiyappan, who was till recently referred to as Chennai Super Kings (CSK) CEO before being disowned by the franchise, was yesterday arrested for alleged involvement in betting.
The development has left Srinivasan cornered and there is a growing clamour for his removal from the top post. But the Tamil Nadu strongman has not given any indication of stepping down on his own despite the growing crisis.
Rattled by his continued defiance, some top Board officials have started the process to oust him by getting him suspended and using the services of his predecessor Shashank Manohar, who has a clean image.
According to a top BCCI official, Manohar has agreed to take up the position on an interim basis till elections are held for a new President.
When contacted, no BCCI official was willing to come on record on this development.
It is learnt that four top BCCI officials have already spoken to Manohar on this proposal.
"Manohar has agreed to be the interim President till all the problems are sorted out but he doesn't want to occupy the position for long. He would take it up only in a caretaker capacity," the top official said on condition of anonymity.
The top brass of the BCCI is getting in touch with the state units to start the process. As per the requirement, 2/3rd of the state units have to write a letter to the BCCI Secretary Sanjay Jagdale to convene an emergency meeting.
The special General Body Meeting will then have to pass a resolution with a 2/3rd majority to suspend Srinivasan and appoint an interim President.
Many of the top BCCI officials are already in Kolkata where the IPL final between the Chennai Super Kings and the Mumbai Indians is scheduled tomorrow.
"Since most of the top Board officials are gathering here for the IPL final, it will be easy to begin the consultation process," the official said.
The Board is particularly concerned about the credibility crisis the IPL has suffered because of the spot-fixing scandal, which led to the arrest of three cricketers, including India Test pacer S Sreesanth and a large number of bookies with underworld connections.
The Board officials feel that Gurunath's arrest has made Srinivasan's position untenable and his reluctance to step down has made it even more embarrassing.
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