The Kochi franchisee has been issued a notice, asking them to resolve all their disputes.
The decision means that the fourth edition of the Indian Premier League will feature eight teams for the time being despite the addition of two new teams in Kochi and Pune.
The decision was taken at an emergency meeting of the IPL Governing council at MCA Recreation Centre here.
"It was unanimously decided that the franchise agreements with K P H Dream Cricket Pvt Ltd (Kings XI) and Jaipur IPL Cricket Pvt Ltd (Rajasthan Royals) be terminated forthwith based on the Legal opinions obtained by BCCI in the matters," the BCCI said in a release.
"It was further unanimously decided to issue a notice to the unincorporated joint venture holding the Kochi franchise calling upon them to resolve all their disputes and form a company which will hold the IPL franchise rights."
"Accordingly, P R Raman, advocate for BCCI has been given instructions to issue all the three notices," BCCI said.
The three franchise teams -- Rajasthan Royals, Kings Eleven Punjab and newly-bought Kochi -- were given show cause notices by BCCI on September 29 as they had not complied with the rules governing the franchisers.
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