PoliticsHindustan Times
Lalit Modi looks forward to India return after tribunal quashes ED penalties
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An appellate tribunal under SAFEMA quashed the ED's penalties against former IPL chairman Lalit Modi in a FEMA case linked to the 2009 IPL in South Africa.
The tribunal rejected the ED's argument that payments for services without budgeting constituted 'Capital Account Transactions' under FEMA.
Lalit Modi posted on X that he is 'really looking forward' to returning to India after a long time, following the tribunal's order.
Modi has been living outside India for more than a decade and faced multiple investigations over financial irregularities during his IPL tenure.
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