IPL founder and former president Lalit Modi and BCCI have received a major relief in the case of violation of Foreign Exchange Management Act (FEMA) during IPL 2009. This case is from 2009. The IPL was held in South Africa due to the Lok Sabha elections in the country. On July 16, a tribunal under SAFEMA delivered its verdict in the case. In which the penalty imposed on Lalit Modi was completely cancelled. Apart from Lalit Modi, other then BCCI officials N. Srinivasan and M. P. Pandaves are also relieved. After this, Modi said he plans to return to India by the end of this year or early next year.
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After getting relief after 16 years of legal battle, Lalit Modi said that he has got justice after 16 years of legal battle. He said, ‘I am very happy with this decision. I fought for 16 years and the truth has finally come out. Now this matter is over and I want to move on with my life. I am looking forward to returning to India.’
Lalit Modi further said, ‘I will probably come to India by the end of this year or early next year. My daughter is due to give birth to my grandchild in October. After that I plan to come back to India.’
The Appellate Tribunal constituted under the Smugglers and Foreign Exchange Manipulators Act (SAFEMA), in its judgment on July 16, quashed most of the findings and penalties imposed by the ED. The tribunal said there was no substantial evidence on record to prove that Lalit Modi was responsible for the alleged violation of the FEMA Act to the organization of the 2009 IPL.
In 2009, the IPL was held in South Africa instead of India due to Lok Sabha elections. During this period, the ED launched an inquiry into funds sent abroad for the competition. The ED alleged that prior permission of the Reserve Bank of India (RBI) was required for these foreign payments, but the foreign exchange transactions were carried out without permission. But the Appellate Tribunal, in its ruling, held that foreign payments to the IPL in South Africa were current account transactions and not capital account transactions. Also, the tribunal set aside the fine of Rs 10.65 crore imposed on Lalit Modi. The then BCCI Secretary N. The fine imposed on Srinivasan was reduced from Rs 1 crore to Rs 10 lakh.
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