(CNN) -- New Indian Premier League franchise Kochi has been given 30 days to resolve issues over its ownership or be thrown out of cricket's lucrative Twenty20 competition.
The Board of Control for Cricket in India held an emergency meeting on the matter in Nagpur on Wednesday, and president Shashank Manohar said the dispute between Rendezvous Sports World and a group of investment firms who share the ownership must be resolved.
"The governing council has invoked clause 12 (1) against the Kochi team and served a 30-day notice. If they fail to provide a satisfactory reply the franchise would get cancelled on the 31st day. This was an unanimous decision," Manohar said, the UK Press Association reported.
Rendezvous owns 26 percent of the $333 million franchise, which was bought at a public auction in March, and the five other firms hold 74 percent.
Both parties had filed separate replies to a 10-day notice from the BCCI, PA reported.
"We discussed both. The board felt that the dispute still exists," Manohar said.
Rendezvous spokesman Satyajit Gaikwad told Indian television channel NDTV that he believed the matter could be resolved.
"We are thankful that they have given us enough time to tie up our differences. We had asked for a grace period of 10 days but we got 30, so I am sure we will do it at the earliest," he said.
Manohar insisted that the issue was different to that which saw the Rajasthan Royals and the Kings XI Punjab thrown out of next year's IPL, leaving the limited-overs tournament with just eight teams.
"Rajasthan Royals and Kings XI Punjab had changed their shareholding pattern without informing the BCCI. There is no such breach in this instance," he said.
"There is no transfer of control issue here, and this is only a dispute within the owners. Therefore, this is a remedial case."
The Royals, who won the inaugural IPL in 2008, have taken their case to the high court in Bombay and it has been adjourned until October 29.
Meanwhile, Australia expect Doug Bollinger, Simon Katich and Ryan Harris to be fit for the first Ashes Test against England starting on November 25.
Fast bowler Bollinger suffered a stomach strain in the first Test in India and was ruled out of the rest of the tour plus the upcoming home one-day series against Sri Lanka.
Batsman Katich also returned home with a thumb injury and quick bowler Harris had knee surgery in July.
However, Cricket Australia physiotherapist Alex Kountouris said all three should be ready to play for their state teams next month and be available for the first match of five against the tourists in Brisbane.
The Australians are seeking to win back the Ashes following last year's 2-1 series defeat in England.