The BCCI president N. Srinivasan maintained that he won't quit as he had "done no wrong".
The BCCI chief added that an independent commission will be set up to probe his son-in-law Gurunath Meiyappan's role in the spot fixing scandal in the Indian Premier League (IPL).
Srinivasan also made it amply clear that he will not be part of the commission nor will he have a role in selecting it.
"With Gurunath Meiyappan, the legal process has already started. He has been banned immediately," said Srinivasan.
"The disciplinary procedure will be initiated. A commission, including a member independent of BCCI, will investigate into this. I am not part of this commission. I will not play any role in its appointment or its work," Srinivasan said at a press conference here, hours before the Indian Premier League final.
The top BCCI brass was engaged in hectic consultations in Kolkata to find out ways and means of salvaging the board's image which has seemingly taken a hit after the scam came to light and enveloped former and present cricketers besides Chennai Super Kings Chief Executive Officer Gurunath Meiyappan, who also happens to be Srinivasan's son-in-law.
A feeling among a section of the board officials is that Srinivasan should quit "at least temporarily" pending the inquiry into the scandal in which his close relative and franchise top honcho is now facing grilling in Mumbai police custody.
Meiyappan gave himself up late Friday night to Mumbai police, who arrested him after a three-hour grilling. Meiyappan's name cropped up after police arrested Bollywood actor Vindoo Dara Singh, who was seen in the VIP boxes during Super Kings' matches.
However, on a day the BCCI suspended Meiyappan, Srinivasan continued to maintain in the unofficial parleys that there was no reason for him to quit.
BCCI vice-president Arun Jaitley held a meeting with Srinivasan, but what transpired during the tete-e-tete is not yet known.
On Saturday, Srinivasan attended a dinner thrown by former board chief Jagmohan Dalmiya here amid speculation that some BCCI members have come together to ensure his exit from the apex body of Indian cricket.
Besides Dalmiya and Srinivasan, Indian Premier League (IPL) chairman Rajeev Shukla, board vice-president Chitrak Mitra, former board secretary Niranjan Shah and functionaries of Cricket Association of Bengal (CAB) were present at the dinner in a south Kolkata five-star hotel.
A veteran board member described Srinivasan's position as "untenable" with the sponsors of Indian cricket threatening to withdraw if he continued to head the board.
Team India's sponsors Sahara India chief Subrata Roy has pulled his team Pune Warriors from the IPL and described the BCCI's style of functioning under Srinivasan as "disgusting, irritating and frustrating".
"A person like Srinivasan does not know how to run cricket. Sahara will not sponsor Team India as long as Srinivasan stays as its chief," Roy was quoted as saying by a TV channel.
IPL sponsors Pepsi has also reportedly informed the Indian board that it would review its association with the league.
"If the fallout of the controversy is the exit of sponsors, then that will be a serious setback for Indian cricket. Srinivasan will have to go, if not today, then after some time. His position has become untenable. But it is up to him whether he will quit on his own or choose to stay," the board member said.