Anti-China movement is going on in the country since the martyrdom of 20 Indian soldiers in Galwan Valley.
The growing consensus within the country is to boycott its products, companies and hurt China economically after a violent clash in the Galwan Valley in Ladakh on June 15 resulted in the martyrdom of 20 Indian soldiers.
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The Chinese haven't yet shared details of the casualties suffered on their side.
The incident had triggered the BCCI to call for an IPL governing council meeting to review the China-based sponsorship deals in the league. A meeting which hasn't yet taken place.
However, on Monday (June 29) the Indian government decided to put a ban on 59 Chinese apps operating in India.
"We should do it (sever ties with Chinese sponsors in IPL) for the sake of the nation. Country comes first, money is secondary. And it is the Indian Premier League, not the Chinese Premier League. It should lead by example and show the way," Wadia told PTI.
"Yes it would be difficult to find sponsors initially but I am sure there are enough Indian sponsors who can replace them. We must have all the respect for the nation and our government and most importantly for the soldiers who risk their lives for us," he added.
The current title sponsor of the IPL alone is a Chinese company, Vivo, which pays the BCCI Rs 440 crores annually in a deal that runs until 2022. The eight franchise teams also attract multiple Chinese sponsors.
Wadia made his stance clear. But it is understood that other teams, including popular franchise, Chennai Super Kings (CSK), will wait for directives from the BCCI.
"It will be tough to replace them (Chinese sponsors) initially but if it has to be done for the sake of the nation, we should do it," a CSK source told PTI.
"Let the government decide first, whatever they decide, we will follow," stressed another team's owner.
Wadia, however, said franchisees have a moral duty to take their own strong stance in favour of the country in such circumstances.
"It is our moral responsibility to stand with the nation at this hour," he said. "If I was the BCCI president, I would say find me an Indian sponsor for the upcoming season."
"Indian companies need to step up and see the same benefits and opportunities that Chinese companies have seen in the IPL, which is the best T20 league in the world."
"The teams too should be given time to replace their Chinese sponsors. As I said, there are enough Indian companies which can replace them," Wadia added.
(Inputs from PTI)