The duo has been suspended from all forms of cricket and will also miss the limited-overs series against New Zealand consisting of five ODIs and three T20Is, starting January 23.
The under-fire players have been suspended pending an inquiry into their sexist comments on a TV show, ruling them out of the three-match ODI series against Australia beginning Saturday in Sydney.
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The press release by the Board of Control for Cricket in India added that the national selection committee led by MSK Prasad will announce their replacements in due course of time.
"The CoA in accordance with the BCCI has decided to suspend Hardik Pandya and KL Rahul from playing any form of cricket after their comments on a TV show. The duo will now return to India and an enquiry and proceedings will be made against them for misconduct and indiscipline that have been initiated under Rule 41 of the BCCI Constitution that states as under :-
"In terms of Rule 41(6) of the BCCI Constitution, the players are hereby suspended with immediate effect from participating in any manner whatsoever in any match or function or event or activity that is authorized, organized, sanctioned, recognized or supported in any way by the BCCI, the ICC or any State Association, until final adjudication of the matter.
"The CoA first sent out a notice to both players concerned to which the players responded with an apology. After considering their reply, it was decided that the BCCI would proceed against both for misconduct and indiscipline," read the press release.
"The duo is now called upon to provide an explanation as to why they should not be proceeded against for misconduct and indiscipline under Rule 41 of the BCCI Constitution within a period of 7 (seven) days. This is without prejudice to the BCCI’s rights and contentions, all of which are hereby expressly reserved.
"The All-India Senior Selection Committee will soon name their replacements for the ODI series against Australia and the tour to New Zealand," it added.
On the show, Pandya had boasted about hooking up with multiple women and being open about it with his parents. Rahul was, however, a shade more restrained in his responses on relationships and women.
Pandya has regretted his comments twice since the show went on air on Sunday -- first on his official Twitter page and then in response to the BCCI show cause notice on Wednesday.
Rahul, on the other hand, is yet to react to the controversy.
The decision to hand them suspensions came after Rai's CoA colleague Diana Edulji recommended the same till further action against the two.
This was after the BCCI's legal team refused to declare the comments a violation of the code of conduct.
The copy of the legal opinion, in possession of PTI, stated: "We feel that present matter doesn't fall under the ambit of Code of Conduct and procedure of Code of Conduct can't be invoked in present circumstances."
Edulji had initially suggested a two-match suspension for the duo but referred the matter to the legal cell after Rai agreed with her and recommended the same.
"It is imperative that players be put under suspension till further course of action is decided for this misconduct as was done in case of (BCCI) CEO (Rahul Johri) when he was sent on leave on sexual harassment matter," read Edulji's response to the legal opinion.
In Sydney, on the eve of the ODI series, captain Kohli condemned the two for what he termed "inappropriate" comments but said he was not too stressed about the possibility of a ban on the all-rounder.
"...it's good that we have someone like (Ravindra) Jadeja who can do the all-rounder's role if a scenario like that occurs," Kohli said.
Days after their historic maiden Test series triumph, Kohli asserted that the side does not stand by the "individual opinions", which have triggered a social media storm.
The likes of Rishabh Pant and Manish Pandey will now be in contention to be their replacements. While Pandya was a certainty in the playing XI, an out-of-form Rahul was not in contention to play on Saturday.
It is speculated that the BCCI might bar players from appearing on entertainment shows owing to the ongoing furore.