Calcutta: With Narayanswami Srinivasan appearing to score a self goal, the good times should continue for Jagmohan Dalmiya.

At the centre of the latest controversy is the meagre Rs 5 lakh valuation of Chennai Super Kings Cricket Limited (CSKCL), proposed as a wholly-owned subsidiary of India Cements Limited.

Srinivasan is the vice-chairman and MD of the cement giant.

Back as the Board of Control for Cricket in India (BCCI) president, last month, Dalmiya seems to have been presented a stick to beat predecessor Srinivasan with.

Not that Dalmiya has actually had to work overtime to be in the position he finds himself in.

Till the other evening, Dalmiya was preparing for the possibility of a difficult working committee meeting, the first after the AGM, here on Sunday.

Now, with the low valuation of CSKCL coming out in the public domain, Srinivasan's backers probably have to forget about targeting Dalmiya. Certainly not at this point in time.

Instead, Srinivasan's men must first look to limit the damage being caused to him. He remains India's nominee for the chairmanship of the International Cricket Council and will soon complete a year in the chair.

Following a stinging order of the Supreme Court, on the conflict of interest issue featuring Srinivasan, India Cements Limited decided to "reorganise" IPL franchise CSK.

That was in February.

Specifically, India Cements Limited plans to transfer the "rights," not the control of CSK, to CSKCL. The latter, in turn, is proposed to be owned by the India Cements Shareholders' Trust.

Each of the CSKCL's 50,000 shares has been valued at Rs 10 each, amounting to Rs 5 lakh.

Srinivasan's own shares in CSKCL (the same percentage as he holds in India Cements Limited) are going to be "transferred" to India Cements Ex-Cricketers' Trust.

Frankly, it's confusing.

What's critical, however, is that the control of CSKCL - in effect, CSK - will stay with India Cements Limited.

Critical because of the position Srinivasan holds in the organisation.

Somewhat strangely, the last governing council of the IPL, packed with Srinivasan's men, did not question the valuation.

That governing council was chaired by Congress MP Ranjib Biswal, hand-picked by Srinivasan during the 2013 AGM.

Dalmiya has not only removed Biswal from the governing council, but also not accommodated him in any committee of the BCCI.

The meagre valuation bit was 'exposed' during the first meeting of the reconstituted governing council of the IPL, in New Delhi, on Monday.

Questions were raised, one learns, when the minutes of the last meeting of the previous governing council were placed for approval.

According to well-placed sources of The Telegraph, special invitee Jyotiraditya Scindia (a former Union minister) and the BCCI's former treasurer, Ajay Shirke, led the questioning.

Scindia is the finance committee chairman.

"Shirke and Scindia unleashed a barrage of questions and on the same page were chairman Rajeev Shukla and the BCCI secretary, Anurag Thakur. It was then decided to refer the valuation doubts to the working committee," one of the well-placed sources said.

It's significant that Ravi Shastri, a former India captain and the current team director, who has been closely identified with Srinivasan, didn't object.

"I'm neither a lawyer nor a chartered accountant, so clarity is needed from experts. It's only proper that the BCCI's working committee takes up the matter," one of the governing council members pointed out.

Apparently, the IPL's controversial COO, Sundar Raman, who is being probed by a Supreme Court-appointed committee, didn't have much to say.

Raman was brought on board by Lalit Kumar Modi, but he survived the turbulence in 2010. In fact, he quickly became exceedingly close to Srinivasan, who'd been a key player in the ouster of Modi.

"Look, everything is being done after the necessary legal opinion. We've got the opinion of Amarchand Mangaldas and the BCCI's own lawyers...

"It's not an issue of the brand value of CSK the team...

"If we're asked for an explanation, everything will be placed before the appropriate body," somebody very senior with CSKCL told this Reporter late on Friday.

But is it all that simple? Perhaps, we'll know sooner rather than later.