READ ALSO: Srinivasan unlikely to contest BCCI elections
The SC was hearing a plea filed by Cricket Association of Bihar seeking contempt action against Srinivasan, BCCI's interim president Shivlal Yadav and Secretary Sanjay Patil.
The apex court has asked Srinivasan, the current chairman of ICC, to explain by February 27 his stand on the issue and why he defied its order by attending the BCCI meetings.
SC said Srinivasan should have avoided doing this as they had established there was an issue of conflict of interest.
Referring to its January 2 verdict holding that Srinivasan, being head of BCCI and the owner of the Chennai Super Kings, was in a conflict of interest situation, the bench headed by Justice T.S. Thakur said: "Having said that it makes him very vulnerable... we are not very happy about it."
"With people like you advising him, people must have realised the implication of our order," Justice Thakur told senior counsel Kapil Sibal, who appeared for Srinivasan.
The court has adjourned the hearing till Friday after Sibal asked for time to seek instruction from Srinivasan in the wake of the observation made by the court.
The plea by CAB cited media reports to allege that Srinivasan chaired the working committee meeting of the BCCI held on February 8 despite facing disqualification due to the January 22 judgement of the Supreme Court.
The petition had said, "If this Court held Srinivasan disqualified from contesting for the post of President, BCCI until he has any commercial interest in the events of BCCI (then) it goes without saying that he is disqualified as on date to hold the post of President BCCI or be involved in working of BCCI as per the order of this court dated January, 22 2015."
Earlier in January, the SC had barred Srinivasan from contesting any BCCI election on grounds of conflict of interest and set up a judges committee under a former Chief Justice of India to decide on the punishment in the IPL scam that can threaten the future of Chennai Super Kings (CSK) and Rajasthan Royals (RR).
Delivering its long-awaited verdict, the court held that the allegation of betting against Gurunath Meiyappan, a CSK team official and son in law of the BCCI President-in-exile and Rajasthan Royals co-owner Raj Kundra stands proved while the charge of cover up against Srinivasan "is not proved".
Striking down rules that permitted BCCI office bearers to have a commercial interest by owning teams in the hugely-popular Indian Premier League and Champions League, a two-member bench of Justices T S Thakur and F M I Khalifulla, said, "Amendment in the BCCI rules allowing Srinivasan to own IPL team is bad as conflict of interest in cricket leads to great confusion."
"No one who has commercial interest including N Srinivasan shall be eligible for any post in the BCCI and this disqualification on ground of commercial interest shall continue till such commercial interest will exist," the bench had said while asking BCCI to hold its AGM for electing office bearers within six weeks.
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