BCCI President-in-exile N. Srinivasan led India Cements' board has approved transfer of IPL team Chennai Super Kings to a wholly-owned subsidiary Chennai Super Kings Cricket Ltd. A decision to this effect was taken at a Board meeting of the company which was held in Chennai yesterday. Srinivasan told reporters after the meeting that the board considered a proposal for re-organisation of Chennai Super Kings Cricket Ltd. under which ownership of the franchise will be issued to the shareholders of India Cements Ltd, subject to necessary approvals. He, however, did not specify who would be at the helm of Chennai Super Kings Cricket Ltd. and details of its main functionaries. He also refused to comment on anything related to the Supreme Court orders or BCCI. Srinivasan has been barred by the Supreme Court from contesting any polls of the board till he gave up the ownership of the CSK.