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.
'I Acted In Good Faith'
Reacting to the verdict, Modi said he had always maintained that he had done nothing wrong.
He said in the statement, "For over sixteen years I have consistently maintained one simple position: I acted in good faith, in the best interests of Indian cricket and the IPL, and committed no personal wrongdoing."
He also said that the 2009 IPL was shifted to South Africa because India's general elections made it impossible to host the tournament at home.
According to Modi, the move helped save the IPL and allowed it to grow into one of the world's biggest sporting leagues.
Thanks Supporters
Modi thanked his legal team, family, friends and supporters for standing by him during the 16-year legal battle. He called the judgment a victory for due process and the rule of law.
He said, "I have always believed that time is the greatest judge. Today, after more than sixteen years, that process has spoken."
He added that he will now focus on opportunities in global sports, business and philanthropy while putting this chapter behind him.
