Gavaskar would be made "interim working president" of the Board of Control for Cricket in India (BCCI), the court said, adding that the appointment would place him in overall charge of the upcoming edition of the annual Indian Premier League.
As interim president of BCCI, Gavaskar will exercise all powers concerning IPL.
An apex court bench headed by Justice A.K. Patnaik said Gavaskar would only be concerned with matters related to the seventh edition of the Indian Premier League (IPL).
The apex court also allowed Chennai Super Kings and Rajasthan Royals, the two teams at the centre of investigations into illegal betting and spot-fixing, to play during IPL season 7 and the IPL matches will go on as per schedule.
Gavaskar will decide whether Sundar Raman, CEO of IPL, shall continue or some other person has to be engaged, the Supreme Court said.
The SC on Tuesday had told Srinivasan to step down as the BCCI chief to enable free and fair probe in the betting and spot-fixing scandal involving his son-in-law Gurunath Meiyappan and some cricketers.
Meiyappan was found guilty of match-fixing and betting during IPL 2013 by the apex court-appointed committee, headed by former Punjab and Haryana chief justice Mudgal, probing corruption charges against team owners of Chennai Super Kings and Rajasthan Royals.
Judges had said on Thursday that both sides should be barred from the eight-team tournament which is to start in Abu Dhabi on April 16.
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