The Supreme Court of India has curbed BCCI's financial power and in another sanction on India's cricket body, asked the retired justice RM Lodha Panel to fix a limit on its financial transactions.
The Lodha Panel will appoint an independent auditor to screen BCCI's financial accounts and will fix a limit on the monetary value of contracts beyond which the BCCI will have to take an approval from the Panel before entering into any contract.
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The Supreme Court has also instructed the BCCI that no money should be given to the state cricket associations until they follow the Lodha committee recommendations.
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SC has also asked the BCCI president Anurag Thakur and secretary Ajay Shirke to file a compliance report affidavit within two weeks regarding the implementation of the Lodha Panel recommendations.
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On 18 July, the Supreme Court accepted major recommendations of the committee on the reforms in the BCCI including a bar on ministers and civil servants and those above 70 from becoming its members.
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The next hearing will take place on 5 December.