The franchise has to be banned. CSK is a franchise, not Chennai. Ban CSK, and put the team city up for sale. Similar to SRH. The DC franchise was dissolved and the SRH franchise came up. If you still don't get the point, I rest my case.
I don't know why Chennai people are so aggressive. Nobody wants Team Chennai banned, people just want Chennai Super Kings banned.
Not simple, but fail logic!
CSK is owned by India Cements which is headed by Srinivasan.
But the owner of CSK is need not be the owner of India Cements. The franchise was in the name of Gurunath Meiyappan (it's in Srinivasan's name since the scandal, just to save the asses).
And you say CSK has never announced it! LOL.

Have a look at these pictures.
Image 1: An article on the official website of CSK
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Image 2: Gurunath Meiyappan doing foolish things. Editing his Twitter bio after the scandal.
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Image 3: Scanned copy of Gurunath Meiyappan's Visiting Card
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Image 4: Some more articles from the official CSK website
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Image 5: Meiyappan attends the auction for CSK. Video footage available too. Only the owners are allowed for this. This old tweet was deleted after the scandal
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Image 6: An e-mail sent by Rajiv Shukla finalizing the list of owners and co-owners. Meiyappan is named in the list
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Image 7: Some more tweets from verified accounts