"Let the election take place. You can challenge the election. If we find anything wrong, we will set it aside," a Bench headed by Justice B P Singh said.
The petition was mentioned before the Bench by BCCI counsel Radha Rangaswamy who alleged that the observer had gone much beyond the October 25 order of the apex court.
Krishnamurthy had circulated a note in which he said that the Chairman has no vote and the present President cannot file his nomination.
It was also alleged that the Jharkhand Cricket Association had been debarred from participating in the Board election without being given an opportunity to clarify its position.
However, the Bench said it was not inclined to interfere with the election at this stage. The nominations for the BCCI election are to be filed on November 27.
The dispute on BCCI elections had reached the apex court as the Netaji Cricket Club, Chennai and Cricket Associations of Rajasthan and Bihar had challenged the Calcutta High Court's verdict removing two former Chief Justices of India as observers to the elections.