The apex court also asked the BCCI to come up with solutions and the proposed action against Chennai Super Kings and Meiyappan.
"Want action against Meiyappan. What can be done to decide quantum of punishment? We don't want to bypass BCCI, announce punitive measures," it said.
Meiyappan was indicted of betting during the Indian Premier League 2013.
The Supreme Court also raised objection to Srinivasan attending the Tamil Nadu Cricket Association's meetings despite stepping aside as cricket administrator.
Srinivasan admitted his mistake, saying he should not have attended the meetings.
Earlier on Monday, the honourable court observed that it is very difficult to accept Srinivasan's plea that there is no conflict of interest arising out of owning Chennai Super Kings and heading the BCCI.
A bench, headed by Justice T S Thakur, said that conflict of interest is equal to bias and even though actual bias may not be in the case, even likelihood of bias is important.
It said the purity of cricket has to be maintained and all persons at the helm of its affairs should be above suspicion.
"Taking all circumstances in account, it is very difficult to accept your contention that there is no conflict of interest. You being MD of India Cements, India Cements owning CSK, an official of CSK involved in betting and you heading the BCCI," the bench, also comprising Justice FMI Kalifulla, told Srinivasan's lawyer Kapil Sibal, who then defended his client by saying similar things happen in Hockey India and football's world governing body, FIFA.
The bench proposed that action on the basis of the Justice Mudgal report should be taken by the Board, which will be constituted after the election. It, however, asked who should be allowed to fight the BCCI's elections.
"BCCI must be free from any blemish if we allow it to decide," it said, adding, "who should be allowed to contest?. Can a person indicted by the Committee be allowed to contest the elections?".
Image: Narayanaswami Srinivasan (right), owner of Chennai Super Kings, with Guru Meiyappan (centre)
Photograph: Ritam Banerjee/Getty Images
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