Axed IPL franchisee Rajasthan Royals' co-owner Shilpa Shetty on Thursday said the Indian cricket board should have treated her company with more fairness.

The Bollywood actor, who is one of the owners of the Indian Premier League (IPL) team along with her husband Raj Kundra, said Lalit Modi, the sacked IPL chairman, has no connection with the company.

"We should have been treated with more fairness, " she said.

"We don't want to hurl stones and have not done something wrong. Even if we have done something wrong, I think, as a franchise, the passion we have done it with, we need to be treated with a little more fairness, " Shilpa said.

Shilpa said she and her husband joined Rajasthan Royals only in the second year of the IPL.

"In any business if you have defaulted, you have to pay for that and compensate. Just throwing us is not a solution, " she told reporters, adding that if they have angered anyone, they are ready to face the consequences.

"But you can't just cancel us out, " she said.

"When you buy into a team, 5 per cent of the money goes to the BCCI and they have accepted Raj's money. And if there was a problem with the owner, why would they accept the money?" she asked.

Cracking the whip, the Governing Council of the Indian Premier League on Oct 10 terminated the contracts of two glamour franchisees – Rajasthan Royals and Kings XI Punjab, sending tectonic tremors in the cash-rich annual event and inviting shock and dismay of the Bollywood divas who co-own the teams.