Announcing the appointment of Amin, BCCI chief Shashank Manohar said that the suspension slapped against Modi along with a show cause notice on Sunday, Apr 25 night was to only help him.
The cricket governing body claims that by serving Modi the notice, it was only giving him more time to defend himself against the recent IPL allegations over financial impropriety.
Mr Manohar also stressed that ethics are as important as commerce.
The decision to appoint Amin is an unexpected move by the Board of Control for Cricket in India (BCCI) as it comes against earlier predictions of Ravi Shashtri or Sunil Gavaskar being appointed as the new IPL chief.
Chirayu Amin is the chief of Baroda Cricket Association. He also heads Alembic Pharmaceuticals.
Amin's name was recently heard in connection with a case against the former BCCI president, Sharad Pawar.
Calcutta High Court had found Pawar guilty of lying in front of the court when he was the president of BCCI. However, in Mar 2010, when the Supreme Court set aside the HC ruling giving relief to Pawar, Amin, who was the BCCI junior cricket committee chariman, was one among the other BCCI officials who were also let off.
Board"s secretary N Srinivasan and its Chief Administrative Officer Ratnakar Shetty were the others named in the case.
The BCCI on Monday, Apr 26 also handed over Ratnakar Shetty the responsibility for probing into the mystery of the missing bid papers.