A hurriedly convened meeting of the Board of Control for Cricket in India in Kolkata on Friday is in the process of deliberating its next course of action as the controversial ICC contract issue reached a flash point after months of negotiations failed.

Board president Jagmohan Dalmiya, secretary S K Nair and a number of top officials were huddled together at a five star hotel since morning to finalise the Board's response to a clear warning from the International Cricket Council.

The negotiations between the two sides came to a dead end when on Thursday afternoon a tele-conference among six members of the high powered ICC panel with Dalmiya failed to resolve the issue.

As the meeting was called in a hurry, only about 12 top Board officials have been able to make it to Kolkata, according to BCCI sources.

The deliberations are expected to take up the entire day and a stand is expected to be announced in the evening, the sources said.