Squash is the only racquet sport which uses a black and yellow ball so the colors within the flag mirror that of a squash ball

The three bands represents the requirement of winning 3 games to win a match. Each band isn't rectanglicar like a typical flag as squash requires the use of angles 

The two yellow dots within the black circle represents a squash ball and the eleven back dots within the yellow circle represent the points required to win a game

THE THREE BANDS WERE MADE WITH 5 SIDES SO THE FLAG  HONOR JAHANGIR KHNA'S 555 MATCH UNBEATEN STREAK