"We will resort to arbitration and appoint appropriate agencies to investigate the claims if the money is not released by that date," Dalmiya said shortly after winning his third term at the helm.

The ICC withheld India's share of the proceeds due to damage claims from its financial agencies, the Global Cricket Corporation (GCC) and World Sport Nimbus, who said they suffered financial losses from a contracts row involving Indian players.

Dalmiya said that since at least two main sponsors, Pepsi and Hero-Honda, were not interested in any claims, there was no reason to hold back the 6.5 million dollars due to the Indian board.

"The sponsors are not rigid and the GCC's claims of loss of revenue from TV advertisements, too, is not convincing as there was a record booking of advertisements during this year's World Cup," he said.

Dalmiya criticised the ICC's financial wing for launching "frivolous and fictitious claims," and its poor marketing of the tournament.

The Indian board also formally approved the implementation of a graded contracts system for international players, but no details were immediately available.

Meanwhile, Indian officials have asked the ICC to extend its 10-year Test Championship programme by at least two years to ease the pressure on players.

"The 10-year programme is too cramped," Dalmiya said on Sunday.

"To play countries four times, twice at home and twice away in that period, is too tough," he told a news conference after the board's two-day annual general meeting which raised concerns over the volume of matches played by Indian cricketers.

"Players are not getting any respite in between and are playing continuous cricket.

"It was decided by the board to request and represent to the ICC to have this programme spread over 12 to 14 years."

The current programme had forced India to play continuously for about 18 months until this year's World Cup, he said.

The ICC's Test programme was launched in February 2001 to help long-term planning and marketing of the game and providing more opportunities for weaker teams such as Bangladesh and Zimbabwe.