Mumbai, Sep 24 - IMG retained the rights to conduct the India Premier League (IPL) after it reduced the annual charges by Rs.60 million, the Indian cricket board said here Wednesday.

The Board of Control for Cricket in India (BCCI) accepted th fresh proposal of the IMG during its Annual General Meeting (AGM) at the Cricket Centre.

The Indian cricket board's working committee termintated the IMG's contract in August after it had failed to submit a revised proposal.

But the IPL governing council authorised BCCI president Shashank Manohar to resolve the issue. After meetings between them, IMG agreed to submit a fresh proposal and reduced its annual fee substantially from Rs.