The petition, filed by former BCCI president A C Muthiah, had alleged that the amendment was brought to favour the cricket board`s secretary N Srinivasan who owns the T-20 team Chennai Super Kings.
With the division bench comprising justices J M Panchal and Gyan Sudha Mishra giving the split verdict, the petition has been referred to the chief justice for allocating it to a larger bench.
While Justice Panchal dismissed the petition filed by Muthiah, challenging the validity of the amendment in clause 6.2.4, Justice Mishra allowed the petition holding that a BCCI officer bearer cannot have stake in the IPL team.
"If Srinivasan opts to hold interest in the IPL team, he shall be able to do so but restrained to hold any office in BCCI," Justice Mishra said.