The International Cricket Council (ICC) has dismissed Pakistan Cricket Board's (PCB) $70 million compensation claim against the Board of Control for Cricket in India (BCCI) for allegedly not honouring bilateral series agreement, a media statement by the cricket governing body said on Tuesday.

The ruling, passed by a three-member panel of the ICC's Dispute Resolution Committee (DRC), "is binding and non-appealable", the press statement said.

The DRC last month had held three hearings of PCB's claim, according to which BCCI had failed to honour a Memorandum of Understanding (MoU) signed in 2014 by the two boards that stated that the two neighbours were supposed to play six series in eight years between 2015-2023. The PCB claimed that the MoU was binding.

The Indian cricket body, however, argued that the contract is no longer legally binding as the PCB didn’t support BCCI’s ‘Big Three’ revenue sharing model where India, Australia and England would have got bigger share of the profit pie.

“There is no question of even paying a single penny to the PCB. They went back on their promise. The agreement was based on their support for our revenue model,” a senior BCCI official was quoted as a saying by the India Today last month.

DRC decision a 'disappointment', says PCB

The PCB, in a press statement, termed DRC's decision a "disappointment".

"Following a lengthy disputes resolution process, the announcement of the decision today has come as a disappointment for PCB," the statement read.

The statement added that the board will decide its future course of action "after detailed deliberations and consultation with its stakeholders".