The Board of Control for Cricket in India has threatened to take ICC Development International to arbitration if it does not release India's withheld World Cup guarantee money of US $6.5 million by November 1.

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CCI president Jagmohan Dalmiya, who was re-elected president, said a decision to this effect was taken at the Annual General Meeting in Kolkata on Saturday. He said the general body found the compensation claims of IDI "baseless and ficticious".

The Board also warned IDI that it would appoint appropriate agencies to investigate the claims made by Global Cricket Corporation and World Sports Nimbus, and also whether it was able to market the World Cup to its full potential.

In another major decision, the BCCI also formally approved the implementation of the contract system and graded payments for its international cricketers.

Dalmiya said an agreement with the players has been reached and the general body authorised him to work out the amount to be paid to the players and other details.