According to Modi, the tribunal rejected the Enforcement Directorate's main argument that the foreign remittances made for IPL 2009 violated FEMA rules.
Former Indian Premier League chairman and fugitive businessman Lalit Modi on Tuesday claimed that the Appellate Tribunal under SAFEMA has ruled in his favour in the long-running case linked to the 2009 IPL held in South Africa. In a statement issued on July 21, Modi said that the judgment brings to an end the biggest legal case arising from the 2009 tournament.
Tribunal Sets Aside Penalties
According to Modi, the tribunal rejected the Enforcement Directorate's main argument that the foreign remittances made for IPL 2009 violated FEMA rules.
He said the tribunal held that the transactions were current account transactions, not capital account transactions and also found that he was not responsible for the BCCI's FEMA compliance. Modi added that the penalties imposed on him in the main proceedings have been set aside.
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