Rendezvous' chief executive Satyajit Gaekwad said: "Rendezvous is clear that we will never come down from 25 per cent equity. But in case of the free equity, we are ready to bring in the money and review it from 25 per cent to 12.5 per cent as agreed by investors and the board, and we have minuted the details and sent it to the BCCI. We have requested them to give us permission to make such structural changes."

Gaekwad hoped that in 30 days the consortium can solve its internal problems. "On the basis of permission given to us, we would proceed to put in the investment for 12.5 per cent. We have already given a cheque in those financial terms to the consortium and we are sure that since we have 30 days of grace period, we should come down to an understanding and bring down the differences," he added.

The IPL governing council decided at an emergency meeting in Nagpur to issue a termination notice to the Kochi IPL. If it fails to meet the deadline, the franchise would stand cancelled.

BCCI president Shashank Manohar said the governing council received replies from the Rendezvous group and the other co-owners, and they both felt that a dispute still existed.

"The governing council has invoked clause 12(1) and given them a 30-day notice that in case they don't remedy these disputes in the 30 days, the franchise would stand cancelled on the 31st day," Manohar said.

Anchor Earth, Parinee Developers, Rosy Blue and Film Wave hold 75 percent of the equity while the Gaekwad brothers, who own Rendezvous Sports World, own the remaining 25 per cent stake as free equity for services rendered in successfully bidding for the franchise. The consortium bought the team from the BCCI for a whopping $333 million.