Most ED penalties against Lalit Modi, BCCI in IPL 2009 FEMA case set aside

The SAFEMA Appellate Tribunal has set aside the ED’s principal findings and penalties against Lalit Modi in the IPL 2009 FEMA case and granted substantial relief to BCCI. However, it retained a ₹4-crore penalty on BCCI for excess remittance and reduced its penalty for delayed repatriation of ticket-sale proceeds from ₹4 crore to ₹1 crore under its final ruling.