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The Board of Control for Cricket in India (BCCI) is to form a "working group" in order to determine the IPL's future in the aftermath of the Lodha verdict.
Two-year bans were recommended for the owners of Chennai Super Kings and Rajasthan Royals after a near six-month investigation into claims of corruption during the 2013 IPL tournament.
The Lodha Committee also served Gurunath Meiyappan - son-in-law of International Cricket Council chairman Narayanaswami Srinivasan - and ex-Royals co-owner Raj Kundra with life suspensions from all forms of cricket.
As a result, next year's staging could be made up of just eight franchises, and the BCCI has now set a timeframe of six weeks to lay the foundations for the competition's future.
Following a meeting on Sunday, a BCCI statement read: "The members recognised that there is an urgent need to understand the impact of this decision and the wider ramifications for BCCI in detail, so as to uphold the paramountcy of the game in our country.
"The IPL GC [Governing Council] hence authorised the chairman, Shri Rajeev Shukla, to constitute a working group which will study this verdict, in consultation with all our key advisors and explore all the possible measures to be adopted, with an objective to protect the interests of all the stakeholders involved.
"This group will work within a time bound period of six weeks and report their recommendations to the IPL GC, which will deliberate and share their views with the working committee of the BCCI, for further action."