"I think the Supreme Court has said I can resume functioning and discharge my functions. So I am quite happy because BCCI needs somebody," Srinivasan told reporters after the ruling.
The apex court also set up a probe panel headed by former Chief Justice of Punjab and Haryana High Court Mukul Mudgal to inquire into the allegation of betting and spot-fixing in the Indian T20 League.
The Tamil Nadu strongman did not seem too concerned with a new committee being formed.
"I have no comments on the new committee; the Supreme Court has directly formed it. I have nothing to do with it," he said.
The court has asked the probe panel to complete its inquiry within four months.
The apex court also directed BCCI and Srinivasan not to interfere in the probe.
The committee will investigate Gurunath Meiyappan and owners of the Rajasthan team and file a report on erring Indian T20 League franchisees, it said.
The SC ruled that Srinivasan can resume his duties, so long as he does not deal with any matters relating to the Indian T20 League.
Senior advocate and additional solicitor general N Nageshwar Rao and Assam Cricket Association (ACA) member Nilay Dutta are the other two members of the newly-formed probe committee.
Asked what would be his first task after taking over, Srinivasan refused to divulge anything.
"I will talk about it later," was all he said.
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