The Board of Control for Cricket in India said it has the option of moving the Supreme Court but will first study the Bombay High Court ruling which upheld the order passed by an independent arbitrator staying the termination of IPL team Rajasthan Royals' contract.
"First let me have the High Court's order in hand before I can comment on what we (BCCI) will do. That option (of moving the Supreme Court) is always open," BCCI chief Shashank Manohar said.
Justice S J Vazaifdar on Tuesday dismissed an appeal filed by BCCI challenging the stay granted by the arbitrator and permitted Rajasthan Royals to take part in the IPL-4 auction to be held on January 8 and 9.
The Court, however, imposed a condition on Rajasthan Royals directing them to file an affidavit before it by January 3 specifying full details of its ownership pattern and mode of control.
The Court also directed Rajasthan Royals to submit $2.83 million as guarantee to the BCCI for the contract and $18 million as bank guarantee for the players.
BCCI had on October 10 terminated the franchisee agreement of Rajasthan Royals - winners of IPL in 2008 - alleging the franchise had committed breach of contract by bringing changes in its corporate structure without consent.
Rajasthan Royals had on October 26 approached the High Court against BCCI. However, the case was kept pending as both the parties agreed to resolve the matter through arbitration.
On November 30, Justice B N Srikrishna, who was acting as arbitrator, granted injunction in Royals favour by staying the termination of its contract.
