IOA Acting President Vijay Kumar Malhotra said in a statement that the meeting will be held at the earliest and its decision will be conveyed to the IOC.
"Indian Olympic Association has called the meeting of its Executives Board to discuss the letter received by it from the International Olympic Committee and other important matters," Malhotra said in a release.
He said he has asked the IOA Secretary General Randhir Singh to fix the date for the meeting as soon as possible.
The decision to convene the meeting comes in the wake of IOC's letter to Malhotra seeking a report on Kalmadi's "current and exact situation before the courts of justice".
The IOC had threatened to refer the case to its Ethics Commission at any moment, should the action taken by the National Olympic Committee does not have a satisfactory implication.
With the turf war within the IOA escalating, the Executive Board meeting is set to be stormy after the now disbanded Ethics Commission issued a showcause notice to Kalmadi which was later termed by four office bearers as "fabricated and illegal".
The meeting is also expected to discuss how the report of showcause notice to Kalmadi got leaked in the media, as has been demanded by the four IOA office bearers. They have sought for an inquiry by Malhotra into the matter.