The Board of Control for Cricket in India (BCCI) formed on Sunday a four-member panel to discuss the 2007-15 Members' Participating Agreement (MPA) of the International Cricket Council.
Officials of the Indian cricket board, including its president Sharad Pawar, met in Jaipur to discuss the contentious issues arising out of the MPA of the ICC.
When signed by all 10 Test playing countries, the MPA will empower the ICC to sell the marketing and television rights for top tournaments like the World Cup and Champions Trophy.
The special Board of Control for Cricket in India (BCCI) panel comprises BCCI vice-president Lalit Modi, treasurer N Srinivasan, Delhi Cricket Association President Arun Jaitley and former BCCI President IS Bindra, said media committee head Rajeev Shukla.
"We have formed this committee and authorised it to hold talks with the ICC," Shukla said.
Modi had on Saturday pointed out one of the several contentious clauses of the MPA that gives the ICC, what he called "unilateral authority", to amend clauses once the MPA has been signed.
"If we sign the new MPA, it gives the ICC the right to change its clauses unilaterally without telling us. How can we agree to something like this?" Modi said.
One of the clauses also involves players' endorsements.
Modi claimed little changes have been done in the previous MPA, although the ICC claims the new document is more friendly and reasonable.