The Supreme Court-appointed Justice Lodha panel directed banks on Monday to stop disbursement of any funds for financial decisions taken by the Board of Control for Cricket in India at its Special General Meeting on Saturday.

"You are hereby directed not to take any steps towards financial disbursement of the amounts as resolved/approved after the direction dated 31.8.2016," stated the committee in a letter to the banks. It also outlined that the Indian cricket body had received directions to take decisions based on only routine matters in August.

However, the Lodha panel pointed out, the BCCI's decisions at its Emergent Working Committee meeting on September 30 were not "routine" or "emergent" and asked banks to stop financial transactions after August 31. The panel warned that any violation of this direction would be placed before the Supreme Court.

The BCCI finally bit the bullet and decided to implement certain Lodha recommendations at their Special General Meeting on Saturday. However, a few important recommendations made by the Lodha committee were not adopted.