Sixteen years after shifting the IPL to South Africa, Lalit Modi has been cleared of FEMA compliance violations after the tribunal set aside all penalties against him.
Former Indian Premier League chairman Lalit Modi has been cleared in the primary legal proceedings stemming from the tournament's 2009 edition in South Africa, after the Appellate Tribunal set aside penalties previously imposed on him.
The ruling brings an end to more than sixteen years of investigations and litigation. The tribunal rejected the core case presented by the Enforcement Directorate, concluding that the main foreign remittances associated with IPL 2009 were current account transactions rather than capital account transactions.
Furthermore, the tribunal determined that Modi was neither personally responsible for the BCCI's statutory compliance under the Foreign Exchange Management Act (FEMA) nor held the financial authority alleged by the authorities.
"This marks the end of what has been the single most significant legal matter arising from the 2009 South Africa IPL," Modi said in a statement following the verdict.
