Tribunal sets aside most of the FEMA violation charges against Lalit Modi, BCCI
An appellate tribunal has overturned most FEMA violation charges against the BCCI and former IPL chairman Lalit Modi regarding the 2009 tournament shift to South Africa. While most penalties were set aside, the tribunal upheld minor penalties related to accounting discrepancies and delayed repatriation of funds.
Why it matters
This ruling concludes a long-standing legal battle involving high-profile figures in Indian cricket and financial regulatory authorities.
The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) has largely overturned the Enforcement Directorate’s (ED) findings and penalties against the Board of Control for Cricket in India (BCCI), former Indian Premier League (IPL) chairman Lalit Modi, and other appellants in the Foreign Exchange Management Act (FEMA) case relating to the 2009 IPL’s shift to South Africa.
The ED had alleged that the BCCI contravened FEMA provisions by remitting funds overseas to organise the tournament and had imposed penalties amounting to several crores on the Board and its office-bearers.
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