BCCI explains their stand: Full text of the board's press release:
At its meeting in Delhi earlier today, the IPL Governing Council (Mr. N. Srinivasan having recused himself) considered at length, the issues arising from the Bombay High Court's order regarding the constitution of the probe commission, which was formed to investigate the complaints made by the BCCI against India Cements Limited, Jaipur IPL Cricket Private Limited, Mr. Gurunath Meiyappan and Mr Raj Kundra.
As a matter of principle, the members confirmed that it was important that the Governing Council's actions be and be seen to be both legally and ethically correct.
The Governing Council believes that the probe commission was properly constituted in accordance with the IPL Operational Rules, and has consequently decided that an appeal should be filed in the Honourable Supreme Court.
This decision having been made, Mr. N. Srinivasan rejoined the meeting and, in the light of the pending appeal to the Supreme Court, requested Mr. Jagmohan Dalmiya to continue discharging his functions at the BCCI for the present.