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Lalit Modi/File image
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 in a 15-year-old FEMA case related to hosting of the 2009 T-20 cricket tournament in South Africa.
The former IPL chief welcomed the tribunal's verdict and said the judgment is not simply personal vindication but also reaffirms the importance of due process that allegations must ultimately be tested against evidence and law.
The 2009 event was moved to the foreign shore due to security concerns for the game in the wake of the conduct of the general elections in India that year.
The BCCI, the cricket board, had moved funds to South Africa for this event, which the ED considered a contravention of the Foreign Exchange Management Act (FEMA).
The main charge was in regard to the transfer of foreign exchange worth USD 4,98,62,799 (equivalent to more than Rs 243 crore) to an entity outside India without prior approval of the Reserve Bank of India.
The federal agency issued the FEMA show cause notices in 2011 followed by penalty orders in 2018 against Modi, some former BCCI executives and others. -- PTI
