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Malhotra replaced former India seamer Madan Lal and Paranjape came in place of Rudra Pratap Singh, who has joined Mumbai Indians as a talent scout.
The real worth of Madan Lal’s contribution to Indian cricket cannot be understood from the rather modest tally of 1,443 runs and 144 wickets in 106 outings for the country.
The others in the fray were former India wicketkeeper Ajay Ratra and five female candidates including former chief selector Hemlata Kala.
The trio will join former India left-arm spinner Sunil Joshi and pace bowler Harvinder Singh who were picked as selectors in March. Chetan will head the panel.
The former Indian coach said that Tendulkar was a good captain but the attention to his own game compounded his difficulties.
The BCCI is also looking at the October-November window to host the tournament.