"Thank you all for your message of support. It is really appreciated. I am still chairman of IPL. Just suspended. Wait - we have just begun," Modi wrote on his twitter page.
Modi didn't sound perturbed by the charges levelled against him. "Had a restful day. Been in the spa all day. Much needed rest."
A board source said Modi can go in for an appeal to the Board of Control for Cricket in India (BCCI) to lift his suspension.
There is an intense speculation that Modi might take legal recourse to challenge the way he was removed. A battery of legal experts is going through the small print in the chargesheet to make a case for him.