They also rejected the Enforcement Directorate's claim of mishandling foreign money transfers which were claimed as capital account transactions. The announcement came after 16 years, as it is a huge relief for the Board of Control for Cricket in India (BCCI) and some of its office-bearers in the FEMA violation case of 2009.
“The penalty has been imposed even on Shri Lalit Kumar Modi in ignorance of his position and even suspension. He was not in-charge of the affairs and otherwise he has been framed in the case without any material showing his responsibility. The penalty imposed on Shri Lalit Kumar Modi is wholly erroneous and thus interfered,” the judgment said.
"I was neither responsible"- Lalit Modi on false charges
Modi welcomed the verdict. “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.
N Srinivasan gets major relief as tribunal cuts penalties
Lalit Modi also stated that he is happy and for the past 16 years he has stuck to one position, acted in the best interests of Indian Cricket and the IPL, and has done nothing wrong that can harm the reputation of the country in terms of cricket.
Apart from Lalit Modi, there were two sets of penalties on former BCCI secretary N Srinivasan and former treasurer Pandove. Srinivasan's punishment was lowered from INR 1 crore to INR 10 lakh, while Pandove's penalty of INR 50 lakh was reduced to INR 5 lakh. The penalty imposed on the BCCI was lowered from INR 4 crore to INR 1 crore.
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