Former IPL chairman Lalit Modi and the Board of Control for Cricket in India (BCCI) have been granted significant relief by a tribunal court in a 16-year-old case. The case dates back to 2009, when the IPL was held in South Africa instead of India. At that time there were Lok Sabha elections in India, due to which the league was moved to South Africa.
Upheld the penalty on several points
The BCCI and its officials were accused of violating the Foreign Exchange Management Act for organizing the IPL 2009. BCCI, Lalit Modi and N. Srinivasan was also involved in this case. The court has now given its verdict on several issues to the case, which has brought relief to all. The court did not accept all the arguments of the ED, but still upheld the penalty on some points.
What is the whole matter?
In 2009, the Lok Sabha elections forced the IPL to move from India to South Africa. At that time, the Enforcement Directorate (ED) had arrested BCCI, Lalit Modi, N. Srinivasan and other officials were fined crores of rupees for alleged violations of the Foreign Exchange Management Act (FEMA). The ED alleged that rules were not followed in sending money abroad to organize the tournament. An appeal was filed against this order of May 2018.
What did the tribunal say in its decision?
An Appellate Tribunal constituted under SAFEMA quashed most of the ED’s charges and fines. The Tribunal Bench allowed the appeals in part. The tribunal held that most of the transactions were routine and did not involve FEMA violations. The State Bank of India and its officials were also acquitted as they had processed the remittance through normal procedures.
Issues that got relief to Lalit Modi and BCCI
The charge against Lalit Modi for delaying the return of funds was dismissed. The tribunal noted that Modi was already suspended when the funds were returned to India and was not liable. The allegation of non-return of revenue was also rejected. The tribunal said the ED had ignored the terms of the agreement between the BCCI and Cricket South Africa.
BCCI was fined on two charges
The Tribunal did not grant full relief. It upheld the ED’s decision on two limited points: excessive remittance and delay in receipt of ticket sale proceeds. BCCI remitted more money abroad than what was shown in its accounts. A fine of ₹ 4 crore was allowed for this. Additionally, there was a delay in bringing the money back to India. The original fine of ₹4 crore was reduced to ₹1 crore as the money was eventually returned.
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