Former IPL chairman Lalit Modi was exonerated after SAFEMA's Appellate Tribunal dismissed penalties tied to foreign remittances during the league's 2009 South Africa staging.

Tribunal largely overturns FEMA charges against Lalit Modi and BCCI, upholding penalties on two specific counts.

In a major relief to former Indian Premier League chairman Lalit Modi, a tribunal has set aside a penalty order issued by the Enforcement Directorate against him and some others…