The government has ruled that games involving the national team must be shared with the state broadcaster, effectively spiking the value of rights by removing the possibility of exclusivity.
The move will, naturally, hit broadcasters hard. It covers all sports but India’s major passion is for cricket.
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The Indian federal cabinet decided in October to provide matches on a national broadcaster for the millions in the cricket-mad nation who have no access to cable television.
The ICC and TV companies and television want the decision to be quickly reversed.
The ICC said the move would have a huge impact when its $550 million, seven-year television rights deal comes up for renewal after the 2007 World Cup.
"I wouldn't like to speculate on how much money it would cost us, but I know it would be substantial," said ICC President Ehsan Mani, who has written to the Indian Prime Minister.
Most of the ICC's 10 full members heavily depend on Indian television revenue.
Mani said: "Cricket boards like the West Indies, Sri Lanka and others might not be able to survive without this revenue."
He said the ICC executive board would meet next month to decide on any action on the issue.
The Dubai-based Ten Sports, the rights holders for Pakistan cricket, have petitioned an Indian court before India travel across the border next month for a keenly awaited test series.
"With the retrospective application of the guidelines to existing contracts, it is financially devastating," Ten Sports Chief Executive Chris McDonald said in Dubai.
The ESPN-Star Sports, which holds the rights to Australia and England cricket, was also critical.
"We don't believe these guidelines are in the best interests of Indian cricket, world cricket or the Indian sports industry as a whole," ESPN-Star Sports Managing Director Jamie Davis told Reuters from Singapore.
