IPL founder Lalit Modi said he would return to India after 16 years following a tribunal order that set aside a penalty imposed by the Enforcement Directorate (ED).
The case was linked to alleged Foreign Exchange Management Act (FEMA) violations involving foreign exchange remittances made for the 2009 Indian Premier League (IPL), which was held in South Africa.
On July 16, an appellate tribunal ruled in Lalit Modi’s favour and overturned the penalty order issued by the ED against him and the Board of Control for Cricket in India (BCCI). The order was related to forex transfers made to South Africa without approval from the Reserve Bank of India (RBI).
Lalit Modi left India in 2010 and has primarily lived in London, United Kingdom.
IPL founder Lalit Modi said he would return to India after 16 years following a tribunal order that set aside a penalty imposed by the Enforcement Directorate (ED).
The case was linked to alleged Foreign Exchange Management Act (FEMA) violations involving foreign exchange remittances made for the 2009 Indian Premier League (IPL), which was held in South Africa.
On July 16, an appellate tribunal ruled in Lalit Modi’s favour and overturned the penalty order issued by the ED against him and the Board of Control for Cricket in India (BCCI). The order was related to forex transfers made to South Africa without approval from the Reserve Bank of India (RBI).
Lalit Modi left India in 2010 and has primarily lived in London, United Kingdom.
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