Lalit Modi Cleared In Key 2009 IPL South Africa Case After Tribunal Verdict

Lalit Modi cleared in key 2009 IPL South Africa case after tribunal verdict (Image Source: IANS)

IPL South Africa: Former chairman Lalit Modi was cleared in the principal proceedings arising from the 2009 Indian Premier League's staging in South Africa after the Appellate Tribunal under SAFEMA set aside the penalties imposed on him, rejecting the Enforcement Directorate's core case that the foreign remittances were capital account transactions.

Announcing the verdict after more than 16 years of investigations, proceedings, and litigation, Modi said the tribunal found that the main remittances related to IPL 2009 were current account transactions. It also determined that he was not responsible for the BCCI's statutory FEMA compliance or given the financial authority as alleged by the Enforcement Directorate.

Calling it the end of the largest legal dispute stemming from the 2009 South Africa edition of the IPL, Modi said, "This marks the end of what has been the single most significant legal matter arising from the 2009 South Africa IPL."

He added, "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."

Modi explained that the decision to move the tournament to South Africa came under extraordinary circumstances when India's general elections made it impossible to host the event 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," he said.

Emphasising his full cooperation with the legal process throughout the proceedings, Modi stated, "Throughout these proceedings, I have cooperated with the legal process and remained confident that the facts and the law would ultimately prevail."

He expressed 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."

Emphasising his full cooperation with the legal process throughout the proceedings, Modi stated, "Throughout these proceedings, I have cooperated with the legal process and remained confident that the facts and the law would ultimately prevail."

Looking ahead, Modi mentioned that his focus had shifted beyond the case. "My focus remains firmly on the future. I will continue pursuing opportunities in global sport, business, and philanthropy while leaving this chapter behind with dignity and gratitude."

Article Source: IANS