The Board of Control for Cricket in India (BCCI) is still not pleased with the proposed "Big Three" model being replaced with a new revenue model as they rejected a recent compensatory offer.
The "Big Three" model was introduced in 2014 and saw the International Cricket Council (ICC) give greater financial power to the BCCI, Cricket Australia and the England and Wales Cricket Board (ECB).
However, ICC president Shashank Manohar is now looking to abolish it to give a greater distribution of revenue to the smaller nations, with 10 out of 13 board members voting in favour of the proposal.
The BCCI had previously asked the ICC to retain the model until its annual general meeting in June — something the Pakistan Cricket Board (PCB) is against.
Instead, the BCCI is set to see their revenue share cut from $570m (£444m) to a projected $290m (£226m).
The sporting body also rejected a $100m (£78m) compensatory offer from Manohar ahead of a board meeting in Dubai on Wednesday (26 April).
"Yes, ICC chairman Shashank Manohar gave us an offer of an additional $100 million in the new financial model," a senior BCCI official said, as quoted on CricBuzz. "In fact, he gave us a deadline to get back to him. From our end, we won't get back to him as we don't even consider it an offer."
"The offer came from Manohar. He is the chairman but ICC is a members' body and the chairman doesn't decide who gets what share of the pie. It's the members who decide.
"We are still working on the formula with all nations. They are receptive. Mr Manohar doesn't decide what should be BCCI's share."
To add to all this, India are yet to name their squad for the Champions Trophy 2017 that takes place on 1 June.
With the deadline to name the 15-man squads having been on Tuesday (25 April), India's refusal to announce their squad is seen as non-cooperation by the BCCI to defer the approval of a new revenue model.
According to The Times, there is a risk that if an agreement is not reached this week, India may pull out of the Champions Trophy. However, ICC officials believe India will name their squad next week.