Former Indian Premier League (IPL) president Lalit Modi said on Wednesday that he is “really looking forward” to returning to India after the Court of Appeal overturned key findings and penalties imposed by the Enforcement Directorate (ED) against him in a Foreign Exchange Management Act (FEMA) case linked to the 2009 Indian Premier League in South Africa.
Modi posted on his X account: “I’m really looking forward to returning to India after a long time. Stay well and stay safe.”
The New Delhi Appellate Court has quashed a penal order issued by the Enforcement Directorate against former IPL president Lalit Modi and some others in a FEMA (Foreign Exchange Management Act) case related to the hosting of the 2009 T20 cricket tournament in South Africa.
The Court of Appeal under the Smugglers and Foreign Exchange Manipulators’ Property Forfeiture Act (SAFEMA), New Delhi, allowed in part the appellants’ appeal against an order of the Special Director of the Executive Department dated May 31, 2018 imposing sanctions on them for various violations of the Federal Emergency Management Agency (FEMA) and setting aside the findings and sanctions of the Executive Department.
In debunking the Executive Director’s main investigation into the nature of the transactions that led to the alleged FEMA violations, the court said: “We have considered the submissions… and find that if, in a particular case, the payment for the service was made from time to time and that too without a budget, then according to the defendant (ED), it would fall within the definition of ‘capital account transaction’. We are unable to accept the argument advanced by the defendant (ED).”
The 2009 edition of the Indian Premier League was moved to South Africa following the general elections in India.
Welcoming Tuesday’s order, Lalit Modi said: “The court has rejected the central premise on which the CEO’s case against me was built… This represents a conclusion to the most important legal matter arising out of the 2009 Indian Premier League in South Africa.”
Modi has been living outside India for more than a decade and has faced multiple investigations for financial irregularities linked to his stint as IPL team chief. His latest post comes a day after the court order, suggesting that he may now be preparing to return to India after years spent abroad.
