London [UK], July 21 (ANI): Former Indian Premier League (IPL) Chairman and founder Lalit Modi said on Tuesday that the Appellate Tribunal under SAFEMA has set aside the penalties imposed on him in the principal FEMA proceedings related to the 2009 IPL in South Africa, asserting that the core allegations against him have been rejected and describing the ruling as more than a personal vindication.
In a statement posted on X, Modi said the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators Act (SAFEMA) delivered its judgment after more than 16 years of investigations, proceedings and litigation arising from the hosting of the 2009 Indian Premier League in South Africa.
“The Tribunal has rejected the central premise on which the Enforcement Directorate’s case against me had been built. It held that the principal foreign remittances relating to the staging of IPL 2009 in South Africa were current account transactions, not capital account transactions, thereby overturning the foundation of the earlier findings,” Modi said.
“The Tribunal also found that I was neither responsible for BCCI’s statutory FEMA compliance nor vested with the financial authority alleged by the Enforcement Directorate, and it has set aside the penalties imposed on me in the principal proceedings. This marks the conclusion of what has been the single most significant legal matter arising from the 2009 South Africa IPL,” he added.
Modi said that for more than 16 years he has consistently maintained that he acted in good faith, in the best interests of Indian cricket and the IPL, and committed no personal wrongdoing.
He said the decision to move the tournament to South Africa in 2009 was taken under extraordinary circumstances, when India’s general elections made it impossible to host the competition at home.
“The successful staging of that season ensured that the IPL survived and ultimately became one of the world’s most valuable sporting properties,” the statement said.
Modi said he had cooperated with the legal process throughout the proceedings and remained confident that the facts and the law would ultimately prevail.
“I wish to express my gratitude to my legal team, my family, my friends and the many people who continued to believe in me during what has been an extraordinarily long journey,” he said.
The former IPL commissioner said the judgment extends beyond his personal case.
“The judgment is not simply personal vindication. It reaffirms the importance of due process, objective legal analysis and the principle that allegations must ultimately be tested against evidence and law. I have always believed that time is the greatest judge. Today, after more than sixteen years, that process has spoken,” he said.
Modi added that his focus now remains on the future.
“I will continue pursuing opportunities in global sport, business and philanthropy while leaving this chapter behind with dignity and gratitude,” he said. (ANI)
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