Srinivasan was forced to step down from his position with Indian cricket's governing body during the case, which looked into allegations of betting and fixing.
However, an Indian Supreme Court panel cleared Srinivasan of any wrongdoing on Tuesday, with a report stating he was not involved in "match-fixing activities" or "scuttling investigations into match-fixing".
The panel had been set up following high-profile incidents involving the lucrative Indian Premier League and spot-fixing claims, which saw a number of cricketers banned for various periods by the BCCI.
However, the organisation met on Tuesday to discuss the findings, explaining in a statement their backing for Srinivasan - now chairman of the International Cricket Council.
"The members noted the conclusions in the final report of the Mudgal committee and felt that there is no taint on the conduct of Mr. N. Srinivasan," read a BCCI statement.
"The allegations levelled against him by unscrupulous elements were baseless and were aimed at destabilising the working of the BCCI."